In this chapter:
I. "Commissioner" means the insurance commissioner.
II. "Insurance premium finance company" means a person engaged in whole or in part in the business of entering into premium finance agreements.
III. "Licensee" means an insurance premium finance company holding a license issued under this chapter.
IV. "Person" means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals however organized.
V. "Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract, together with interest or discount and a service charge as authorized and limited by this chapter, and in which as security for the amount advanced the premium finance company receives an assignment of the gross unearned premiums of such insurance contract.
VI. "Default" means the failure of the named insured to discharge when due any of his obligations in connection with the payment of premiums on a policy, or any installment of such premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit.
Source. 1981, 118:1, eff. July 3, 1981.