South Carolina Code 38-97-20. Definitions
(1) "Customer" means a person who purchases portable electronics or related services.
Terms Used In South Carolina Code 38-97-20
- Contract: A legal written agreement that becomes binding when signed.
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means a corporation, agency, partnership, association, voluntary organization, individual, or another entity, organization, or aggregation of individuals. See South Carolina Code 38-1-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- producer: means a person who represents an insurance company and is required to be licensed pursuant to § 38-43-10. See South Carolina Code 38-1-20
(2) "Enrolled customer" means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics.
(3) "Location" means any physical location in this State or any website, call center site, or similar location directed to residents of this State.
(4) "Portable electronics" means electronic devices that are portable in nature, their accessories, and services related to the use of the device.
(5) "Portable electronics insurance" means insurance covering the repair or replacement of portable electronics. This insurance may provide coverage for portable electronics against loss, theft, and inoperability due to mechanical failure, malfunction, damage, and other similar loss. Portable electronics insurance does not include:
(a) a service contract governed by § 38-78-20(12);
(b) an insurance policy covering the obligation of a seller or manufacturer under a warranty; and
(c) a homeowner’s, renter’s, private passenger automobile, commercial multiperil, or similar policies.
(6) "Portable electronics transaction" means:
(a) the sale or lease of portable electronics by a vendor to a customer; and
(b) the sale of a service related to the use of portable electronics by a vendor to a customer.
(7) "Supervising entity" means a business entity licensed as a property and casualty insurer or insurance producer with a property and casualty line of authority.
(8) "Vendor" means a person directly or indirectly engaged in the business of portable electronics transactions.