Section 7001 - DefinitionsAs used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [2011, c. 297, §5(NEW).]
1. Customer. "Customer" means a person who purchases a portable electronic device or service. [2011, c. 297, §5(NEW).]
2.Enrolled customer. "Enrolled customer" means a customer who elects coverage under a portable electronic device insurance policy issued to a vendor. [2011, c. 297, §5(NEW).]
3.Limited lines license. "Limited lines license" means a license to sell or offer a policy for portable electronic device insurance. [2011, c. 297, §5(NEW).]
4.Location. "Location" means any physical location in the State or any publicly accessible website, call center or similar operation directed to residents of the State. [2011, c. 297, §5(NEW).]
5.Portable electronic device. "Portable electronic device" means an electronic device that is portable in nature, its accessories and services related to the use of the device. [2011, c. 297, §5(NEW).]
6.Portable electronic device insurance. "Portable electronic device insurance" means insurance authorized under section 705 providing coverage for the repair or replacement of a portable electronic device that may cover a portable electronic device against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. "Portable electronic device insurance" does not include: A. A service contract or extended warranty providing coverage limited to the repair, replacement or maintenance of property for the operational or structural failure of property due to a defect in materials, workmanship, accidental damage from handling or normal wear and tear; [2011, c. 297, §5(NEW).]B. A policy of insurance covering a seller's or a manufacturer's obligations under a warranty; or [2011, c. 297, §5(NEW).]C. Homeowner's or renter's insurance, private passenger automobile insurance, commercial multiple peril insurance or any similar policy. [2011, c. 297, §5(NEW).] [2011, c. 297, §5(NEW).]
7.Portable electronic device transaction. "Portable electronic device transaction" means: A. The sale or lease of a portable electronic device by a vendor to a customer; or [2011, c. 297, §5(NEW).]B. The sale of a service related to the use of a portable electronic device by a vendor to a customer. [2011, c. 297, §5(NEW).] [2011, c. 297, §5(NEW).]
8.Supervising entity. "Supervising entity" means a business entity that is a licensed insurance producer or insurer. [2011, c. 297, §5(NEW).]
9.Vendor. "Vendor" means a person in the business of engaging in portable electronic device transactions directly or indirectly. [2011, c. 297, §5(NEW).]
Added by 2011, c. 297,§ 5, eff. 9/28/2011.