In this chapter the following terms have the meanings indicated. Terms Defined. “Account” means the coverage for a single plan of benefits for either credit life insurance or credit health insurance under one premium payment method offered to a single class of business in Maryland by one creditor whether written on a group or individual basis, or both. “Advance loan payment” means the payment of a scheduled loan installment before the installment's scheduled due date on a loan repayable in substantially equal installments. “Agent” means a person who sells a group or individual policy of credit life or credit health insurance, or who receives any form of commission compensation, remuneration, or other benefit based on his enrolling individuals or issuing certificates under group credit life or credit health insurance. “Balloon loan” means an indebtedness, the initial amount of which includes both: An amount that decreases by substantially equal periodic payments; and A final installment amount that is larger than any one of the periodic payments. “Case” means an account, or, at the option of the insurer, a combination of some or all of the insurer's accounts written under an identical plan of benefits where the gross premiums before refunds and at prima facie rates, whether consisting of one or more accounts, exceed or may reasonably be expected to exceed $50,000 in a policy year. “Class of business” means every one of the following: Cash loans not secured by real estate made by banks; Cash loans made by credit unions; Cash loans not secured by real estate made by creditors other than banks and credit unions; Cash loans secured by real estate made by banks; Cash loans secured by real estate made by creditors other than banks and credit unions; Production credit association and other agricultural loans; Installment sales finance contracts; or Revolving charge agreements, credit card accounts, and open-end credit other than credit union accounts. “Commission” means all forms of compensation or remuneration including dividends, retrospective rating credits, or any other form of benefit, including but not limited to: Commissions as a percentage of, or otherwise based on, premiums or amounts of insurance sold. Retrospective or refund rate credits, except credits on creditor paid insurance. Dividends, except dividends on creditor paid insurance. Commissions or any other form of compensation or remuneration for reinsurance ceded or assumed. Service fees or administrative fees. Consulting fees. Expense allowances. Gifts. Expense for vacations or travel other than travel for training purposes or attendance at conventions. Value of electronic data-processing equipment or services furnished. Allowances or subsidies for rent, payroll, advertising, telephone, or other purposes. Advertising provided by the insurer. Supplies, excluding application, reporting and claim forms, envelopes for transmitting the forms, and brochures, rate books, and rate charts related to the insurer's credit life or credit health insurance. Dividends, profits, capital gains, commissions, or other benefits which may be reasonably anticipated under reinsurance agreements with any unauthorized reinsurer affiliated with or controlled by a licensed agent or broker, a creditor, or an affiliate, corporate parent, subsidiary, associate, director, officer, active or retired employee, or other representative of the creditor or the licensed insurance agent. An unauthorized reinsurer does not include any insurer authorized to do business in this State or any insurer qualified under Insurance Article, §13-116, Annotated Code of Maryland, or any insurer meeting the qualifications of a nonadmitted accredited reinsurer. Services, including an amount paid to an employee of the insurer specifically for services provided to a creditor or affiliate of the creditor if the services are normally performed outside the home office of the insurer, but not including services performed by account executives or liaison personnel of the insurer who visit the offices of the creditor at occasional intervals and who are regular salaried officers or employees of the insurer and who receive no commission or other compensation directly dependent upon the amount of business obtained. Value of training programs for employees of the creditor or agent, excluding training of employees provided solely in connection with a program of credit life or credit health insurance for the purpose of acquainting the creditor's employees with administrative procedures of the insurer when the salary of the employees during the training period is paid by the creditor. Rental by the insurer of space or equipment from the agent or creditor, excluding rentals not related to any insurance transaction on terms approved by the Commissioner; Commission or some other form of compensation or remuneration in excess of what otherwise would be payable in connection with the sale of allied lines of insurance or other business, such as credit property insurance and maintenance warranties. Profit sharing plans. Bonuses. Finders fees. Offers of share ownership in an agency or corporation at less than the fair market value. “Commissioner” means the Maryland Insurance Commissioner. “Consumer loans” means loans issued by lenders licensed under the provisions of Financial Institutions Article, Title 11, Subtitle 2, Annotated Code of Maryland, and made pursuant to Commercial Law Article, Title 12, Subtitle 3, Annotated Code of Maryland. “Creditor-paid insurance” means insurance in which the creditor pays the insurance premium without separate charge to the debtor. A transaction will not be regarded as creditor-paid insurance if the debtor is required to pay an identifiable charge or premium for credit life or credit health insurance or if there is a differential in finance, interest, carrying, service, or other similar charge made to debtors who are in similar circumstances except for their insured or non-insured status. “Critical period disability insurance” means insurance on a debtor that provides indemnity for payments that are due on a specific loan or other credit transactions: For a period less than the entire term of the loan; and If the debtor is disabled as defined by the policy. “Decreasing term insurance” means insurance sold in connection with loans repayable in substantially equal installments and for which a single premium is paid in advance. “Earned premiums at prima facie” means the premiums that would have been earned if all earned premiums had been written at prima facie rates. “Enroller” means a person who enrolls individuals or issues certificates under group credit life or credit health insurance and who does not receive any form of commission, compensation, remuneration, or other benefit based on this activity and whose salary scale is not dependent on the volume of insurance. “Experience period” means 2 consecutive calendar years or, at the option of the insurer, 2 consecutive policy years under a group policy issued to one creditor, or under one case. “Joint health insurance” means health insurance issued to two co-debtors when both are jointly and severally liable for the debt. “Joint life insurance” means insurance issued to two co-debtors with an insurable interest, as defined in Insurance Article, §12-201(b), Annotated Code of Maryland, when both are jointly and severally liable for the debt. “Level term insurance” means insurance sold in connection with loans repayable in a single sum. Insurance covering a balloon loan is considered a combination of level term insurance and decreasing term insurance. “Loss ratio” means the ratio of incurred claims to premiums earned during a specified period. “Lump sum disability insurance” means insurance on a debtor that pays the insured outstanding debt that is due on a specific loan or other credit transaction after the debtor has been disabled as defined in the policy for a period specified in the policy. “Net payoff balance method” means decreasing term insurance sold to cover the unpaid insured principal amount of a loan plus current interest and charges as they fall due. “New case” means an account where the gross premiums before refunds and at prima facie premium rates exceed or may reasonably be expected to exceed $50,000 in the most recent policy year, but did not exceed $50,000 in the prior policy year. “Outstanding balance insurance” means insurance for which a separate identifiable insurance premium is paid each month based on the insured indebtedness then outstanding. Policy Year. “Policy year”, in the case of a group policy, means the period between a policy anniversary and the next succeeding policy anniversary. “Policy year”, in the case of individual policies, means a calendar year, or a period of 12 consecutive months beginning from an anniversary of the opening of an account, as the insurer may elect. “Prima facie loss ratio” means the ratio of incurred claims to earned premiums at prima facie during a specified period. “Prima facie premium rates” means maximum applicable premium rates as authorized and promulgated by the Commissioner from time to time in accordance with and listed in Regulations .10—.12 and .14—.16 of this chapter. “Single premium insurance” means insurance in which the debtor pays or finances the entire required premium in advance. If the creditor adds identifiable insurance charges 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 insurance charges or premiums, the insurance shall be considered single premium. “Total-of-payments method” means decreasing term insurance sold to cover the entire schedule of payments under a loan, subject to policy limitations.