Applicability of credit life and credit health insurance provisions
(1) All life or health insurance in connection with loans or other credit transactions shall be subject to ORS 743.371 (Definitions for credit life and credit health insurance provisions) to 743.380 (Claim report and payment), except:
(a) Insurance in connection with a loan or other credit transaction of more than 10 years’ duration; or
(b) Insurance, the issuance of which is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.
(2) Notwithstanding subsection (1) of this section, credit life and credit health insurance may be issued for up to 10 years in connection with a loan or other credit transaction of any duration. [Formerly 739.570 and then 743.564]
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