§ 6752. Definitions
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2021
Effective: November 1, 2021
36 Okl.St.Ann. § 6752
§ 6752. Definitions
As used in the Oklahoma Home Service Contract Act:
1. “Administrator” means the person who is responsible for the administration of home service contracts or the home service contracts plan, who may promote the contract under their own private label or brand as long as the provider is clearly identified on the contract, or who is responsible for any submission required by the Oklahoma Home Service Contract Act;
8. “Reimbursement insurance policy” means a policy of insurance issued to a provider to either provide reimbursement to the provider under the terms of the insured home service contracts issued or sold by the provider or, in the event of the provider's nonperformance, to pay on behalf of the provider all covered contractual obligations incurred by the provider under the terms of the insured home service contracts issued or sold by the provider;
9. “Home service contract” or “home warranty” means a contract or agreement for a separately stated consideration for a specific duration to perform the service, repair, replacement or maintenance of property or indemnification for service, repair, replacement or maintenance, for the operational or structural failure of any residential property due to a defect in materials, workmanship, inherent defect or normal wear and tear, with or without additional provisions for incidental payment or indemnity under limited circumstances. Home service contracts may provide for the service, repair, replacement, or maintenance of property for damage resulting from power surges or interruption and accidental damage from handling and may provide for leak or repair coverage to house roofing systems. Home service contracts and home warranties are not insurance in this state or otherwise regulated under the Insurance Code;
11. “Warranty” means a warranty made solely by the manufacturer, importer or seller of property or services including builders on new home construction, without consideration, that is not negotiated or separated from the sale of the product and is incidental to the sale of the product, that guarantees indemnity for defective parts, mechanical or electrical breakdown, labor or other remedial measures, such as repair or replacement of the property or repetition of services.
Credits
Laws 2011, c. 224, § 3, eff. Nov. 1, 2011; Laws 2021, c. 137, § 2, eff. Nov. 1, 2021.
36 Okl. St. Ann. § 6752, OK ST T. 36 § 6752
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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