‘Creditor-placed insurance’ means single-interest insurance or dual-interest insurance that is purchased by the creditor, as the named insured, after a credit transaction:

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1.  According to the terms of the credit agreement as a result of the debtor’s failing to provide required insurance, the cost for which is charged to the debtor; and

2.  For coverage against loss, expense or damage to personal property used as collateral as a result of fire, theft, collision or other risk of loss that would impair the interest of the creditor or adversely affect the value of the collateral.