Acts Online
GT Shield
"credit insurance"

means an agreement between an insurer, on one hand, and a credit provider or a consumer or both, on the other hand, in terms of which the insurer agrees to pay a benefit upon the occurrence of a specified contingency, primarily for the purpose of satisfying all or part of the consumer’s liability to the credit provider under a credit agreement as at the time that the specified contingency occurs, and includes—

(a) a credit life insurance agreement;
(b) an agreement covering loss of or damage to property; or
(c) an agreement covering—
(i) loss or theft of an access card, personal information number or similar device; or
(ii) any loss or theft of credit consequential to a loss or theft contemplated in sub-paragraph (i);