(1) All credit life insurance and all credit disability insurance sold in connection with loans or other credit transactions, including lease payments and residuals, shall be subject to the provisions of this chapter, except:

(a) Such insurance sold in connection with a loan or other credit transaction of more than ten (10) years’ duration;

(b) Such credit life insurance sold in connection with a loan or other credit transaction of an agricultural cooperative financial institution authorized to do business in this state by any act of the Congress of the United States or by the laws of the State of Mississippi; and

(c) Such insurance where its issuance is an isolated transaction on the part of the insurer not related to an agreement or a plan or regular course of conduct for insuring debtors of the creditor.

(2) For the purposes of this chapter:

(a) “Commissioner” means the Commissioner of Insurance of the State of Mississippi;

(b) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transactions, including lease payments and residual, exclusive of any such insurance procured at no expense to the debtor, and credit life insurance on agricultural credit transactions. Insurance shall be deemed procured at no expense to the debtor unless the cost of the credit transaction to the debtor varies depending on whether or not the insurance is procured;

(c) “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;

(d) “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 any such lender, vendor or lessor, which lender, vendor or lessor is the beneficiary of any credit life insurance or credit disability insurance sold in connection with such credit transaction.

(e) “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

(f) “Indebtedness” means the total amount payable by the debtor to a creditor in connection with a loan or other credit transaction.

(g) “Insurer” means an insurance company licensed in the State of Mississippi to write credit life insurance and credit disability insurance.

(h) “Insurance premium” shall include that portion collected or payable which is compensation as set forth in Section 83-53-25.