Ga. Comp. R. & Regs. R. 120-2-47-.03 - Definitions
(1) "Commissioner"
means the Commissioner of Insurance.
(2) "Extended warranty agreement" means a
vehicle service contract.
(3)
"Service contract holder" means a person who purchases or otherwise obtains a
service contract.
(4) "Vehicle
service contract" or "VSC" means a contract or agreement that undertakes to
perform or provide repair or replacement service, or indemnification for that
service, for the operational or structural failure of a motor vehicle due to a
defect in materials or skill of work or normal wear and tear.
(5) "Vehicle service contract provider" or
"VSC provider" means a person who issues, makes, provides, sells, or offers to
sell a vehicle service contract.
(6) "Vehicle service contract reimbursement
insurance policy" or "VSC reimbursement insurance policy" means a policy of
insurance providing coverage for all sums which the provider is legally
obligated to pay for failure to perform under the terms of vehicle service
contracts issued by the provider.
(7) "Service contract" shall mean a vehicle
service contract (VSC).
(8) "Person" shall mean any person, firm,
partnership, association or other entity which transacts vehicle service
contract business.
(9) "Provider"
shall mean a vehicle service contract (VSC) provider.
(10)"Reimbursement insurance policy" shall
mean a vehicle contract service (VSC) reimbursement insurance policy.
(11) "Retail Installment Seller" shall have
the same meaning as provided in Code Section
10-1-31.
(12) "Security Deposit" means amount(s)
posted with the Commissioner's Office to cover provider's legal obligations
under the terms of vehicle service contracts or extended warranty issued by the
retail installment service.
(13)
"Surety Bond" means a bond providing coverage for all sums which the provider
is legally obligated to pay for failure to perform.
Notes
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