Idaho Code > Title 41 > Chapter 62 – Idaho Motor Vehicle Service Contract Act
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Terms Used In Idaho Code > Title 41 > Chapter 62 - Idaho Motor Vehicle Service Contract Act
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means the director of the Idaho department of insurance;
Idaho Code 41-6203Incidental costs: means expenses specified in a theft protection program warranty that are incurred by the warranty holder due to the failure of a theft protection program to perform as provided in the contract. See Idaho Code 41-6203 Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Liability insurance policy: means a policy of insurance providing coverage for all contractual obligations incurred by a motor vehicle service contract provider under the terms of a motor vehicle service contract issued or sold by the motor vehicle service contract provider;
Idaho Code 41-6203Mechanical breakdown insurance: means a policy, contract or agreement that undertakes to perform or provide repair or replacement service, or indemnification for such service, for the operational or structural failure of a motor vehicle due to defect in materials or workmanship or normal wear and tear and that is issued by an insurance company authorized to do business in this state;
Idaho Code 41-6203Motor vehicle service contract: means a contract or agreement given for separately stated consideration that undertakes to perform or provide repair or replacement service, or indemnification for such service, for the operational or structural failure of a motor vehicle due to defect in materials or workmanship or normal wear and tear but shall not include mechanical breakdown insurance. See Idaho Code 41-6203 Motor vehicle service contract holder: means a person who purchases a motor vehicle service contract or is a permitted transferee;
Idaho Code 41-6203Motor vehicle service contract provider: means a person who is contractually obligated to a motor vehicle service contract holder under the terms of a motor vehicle service contract;
Idaho Code 41-6203Obligation: 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. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, company, association, organization, partnership, business trust, corporation or any other form of legal entity;
Idaho Code 41-6203State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 Theft protection program: means a device or system that:
Idaho Code 41-6203Theft protection program warranty: means a written agreement by a warrantor that provides, if a theft protection program fails to prevent loss or damage to a motor vehicle from theft, the warrantor will pay to or on behalf of the warranty holder specified incidental costs as a result of the failure of the theft protection program to perform pursuant to the terms of the theft protection program warranty. See Idaho Code 41-6203