38.2-122.2 - Credit property insurance. - Virginia Statutes

§ 38.2-122.2. Credit property insurance.

"Credit property insurance" means insurance against direct physical damageto personal household property used as security for a loan or other credittransaction. Such insurance may insure the creditor as sole beneficiary ormay insure both the creditor and the debtor with the creditor as primarybeneficiary and the debtor as beneficiary of proceeds not paid to thecreditor. For purposes of this definition, "personal household property"does not include motor vehicles, mobile homes, or watercraft. The term"credit property insurance" shall not mean any insurance defined in §38.2-122.

(2000, c. 526.)