Arkansas Code
Chapter 87 - Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance
§ 23-87-103. Definitions

For the purpose of this chapter, unless the context otherwise requires:
(1) “Credit disability insurance” means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy;
(2) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction for a period of time not to exceed ten (10) years;
(3) “Creditor” means the lender of money or vendor or lessor of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of the lender, vendor, or lessor;
(4) “Debtor” means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction; and
(5) “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.

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