OAR 836-060-0005: Definitions

As used in OAR 836-060-0000 through 836-060-0060: (1) "Closed-End Credit" means credit other than open-end credit. (2) "Credit Health Insurance" means the kind of insurance defined in ORS 743.371 and limited by ORS 743.372. (3) "Credit Insurance" means credit life insurance or credit health insurance or both. (4) "Credit Life Insurance" means the kind of insurance defined in ORS 743.371 and limited by ORS 743.372. (5) "Credit Transaction" means any transaction by the terms of which the repayment of money loaned, or payment for goods, services or properties sold or leased, is to be made at a future date or dates. (6) "Indebtedness" means total amount repayable, including principal, interest and finance charges. (7) "Open-End Credit" means credit extended by a creditor under an agreement in which: (a) The creditor reasonably contemplates repeated transactions; (b) The creditor imposes a finance charge from time to time on an outstanding unpaid balance; and (c) The amount of credit that may be extended to the debtor during the term of the agreement, up to any limit set by the creditor, is generally made available to the extent that any outstanding balance is repaid. (8) "Underwritten" or "underwriting" refers to the use of medical questions to elicit the existence of high risk medical conditions as described in OAR 836-060-0026 and 836-060-0031 for the purpose of determining insurability, to the extent such conditions were assumed in developing the underwritten prime facie rates.