“Single premium basis” defined. “Single premium basis” means a method for paying for credit insurance in which the debtor pays or finances the entire required premium in advance, and includes a transaction where the creditor adds identifiable charges for insurance or premiums for credit insurance to the indebtedness and a direct or indirect finance, carrying, credit or service charge is made to the debtor on the premium or other charge for the insurance.
Last modified: February 27, 2006