“Creditor-placed insurance” means single-interest insurance or dual-interest insurance that is purchased by the creditor, as the named insured, after a credit transaction:
1. According to the terms of the credit agreement as a result of the debtor’s failing to provide required insurance, the cost for which is charged to the debtor; and
2. For coverage against loss, expense or damage to personal property used as collateral as a result of fire, theft, collision or other risk of loss that would impair the interest of the creditor or adversely affect the value of the collateral.
(Added to NRS by 2005, 2106)