Warranty reimbursement insurance policy definition

Warranty reimbursement insurance policy means a policy of insurance that is issued to a vehicle protection product warrantor to provide reimbursement to the warrantor or to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of an insured vehicle protection product warranty sold by a warrantor.

Warranty reimbursement insurance policy means a policy of

Warranty reimbursement insurance policy means a policy of insurance issued by an insurer authorized or eligible to do business in this state to the warrantor of a vehicle protection product to pay, on behalf of the warrantor, all covered contractual obligations incurred by the warrantor under the terms and conditions of the vehicle protection product warranty.

Examples of Warranty reimbursement insurance policy in a sentence

• June 14, 2006.257.1249 Warranty reimbursement insurance policy; other financial security requirements or financial standards not required; additional requirements.Sec.

• Warranty reimbursement insurance policy" means a policy of insurance that is issued to the vehicle protection product warrantor to provide reimbursement to the warrantor or to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of the insured vehicle protection product warranties issued the warrantor.Acts 2007, No. 388, §1, eff.

• Warranty reimbursement insurance policy" means a policy of insurance that is issued to a vehicle protection product warrantor to provide reimbursement to the warrantor or to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of an insured vehicle protection product warranty sold by a warrantor.

• Warranty reimbursement insurance policy", a policy of insurance that is issued to the vehicle protection product warrantor to provide reimbursement to the warrantor or to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of the insured vehicle protection product warranties sold by the warrantor.

• Warranty reimbursement insurance policy" means a policy of insurance that is issued to the vehicle protection product warrantor to provide reimbursement to the warrantor or to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of the insured vehicle protection product warranties sold by the warrantor.

More Definitions of Warranty reimbursement insurance policy

Warranty reimbursement insurance policy means a policy of insurance issued to a vehicle protection product warrantor to provide reimbursement to the warrantor under the terms of the insured warrantor's vehicle protection product warranty, and to pay on behalf of the warrantor, in the event of the warrantor's nonperformance, all covered obligations incurred by the warrantor under the terms of the warrantor's vehicle protection product warranty. A licensed or eligible insurer that has filed its policy form with the Department of Banking and Insurance shall issue the warranty reimbursement insurance policy.

Warranty reimbursement insurance policy means a policy of insurance issued to the vehicle protection product warrantor to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of the insured vehicle protection product warranties sold by the warrantor. The warranty reimbursement insurance policy shall be issued by an insurer authorized to do business in this State that has filed its policy form with the Department.

Warranty reimbursement insurance policy means a policy of insurance issued by an insurer authorized or eligible to do business in Ohio to the warrantor of a vehicle protection product to pay, on behalf of the warrantor, all covered contractual obligations incurred by the warrantor under the terms and conditions of the vehicle protection product warranty.Consumer goods service contracts The bill enacts new provisions pertaining to consumer goods service contracts. It provides that, unless issued by an insurer authorized or eligible to do business in Ohio, a "consumer goods service contract" (see "Definitions for purposes of consumer goods service contracts," below) does not constitute a contract substantially amounting to insurance, or the contract's issuance the business of insurance, under R.C. 3905.42 (R.C. 3905.423(F)).Applicability of Ohio Consumer Sales Practices Act The bill specifies that the sale or issuance of a consumer goods service contract is a consumer transaction for purposes of the Ohio Consumer Sales Practices Law. For purposes of that Law, the provider is the supplier, and the contract holder is the consumer. (R.C. 3905.423(E).) (See COMMENT 1.)Reimbursement insurance policy The bill requires consumer goods service contracts issued in Ohio that provide for the performance of or payment for repairs, replacement, or maintenance of consumer goods due to power surges or accidental damage from handling to be covered by a "reimbursement insurance policy" (see "Definitions for purposes of consumer goods service contracts," below) (R.C. 3905.423(B)). A reimbursement insurance policy that is required to be issued under the bill must contain a statement that if a provider fails to perform or make payment due under the terms of the consumer goods service contract within 60 days after the contract holder requests performance or payment pursuant to the terms of the contract, the contract holder may request performance or payment directly from the provider's reimbursement policy insurer, including, but not limited to, any obligation in the contract by which the provider must refund the contract holder upon cancellation of a contract (R.C. 3905.423(D)).The bill requires a consumer goods service contract issued by a "provider" (see "Definitions for purposes of consumer goods service contracts," below) that is required to be covered by a reimbursement insurance policy to comply with all of the following requirements (R.C. 3905.423(C)):

Warranty reimbursement insurance policy means a policy 39

Warranty reimbursement insurance policy means a policy 61

Warranty reimbursement insurance policy means a policy of insurance issued by an insurer authorized to do business in Ohio to the warrantor of a vehicle protection product to pay, on behalf of the warrantor, all covered contractual obligations incurred by the warrantor under the terms and conditions of the vehicle protection product warranty.Consumer goods service contracts The bill enacts new provisions pertaining to consumer goods service contracts. It requires a "consumer goods service contract" issued by a "provider" under the bill to comply with all of the following requirements (R.C. 3905.423(C)):

Warranty reimbursement insurance policy means a policy of insurance issued to a vehicle protection product warrantor to provide reimbursement to the warrantor for payments made under the terms of the insured warrantor’s vehicle protection product warranty, and to pay on behalf of the warrantor, in the event of the warrantor’s nonperformance, all covered obligations incurred by the warrantor under the terms of the warrantor’s vehicle protection product warranty.