Indiana Code 27-1-15.9-12. Written materials; content
(b) The written materials available under subsection (a) must do all the following:
Terms Used In Indiana Code 27-1-15.9-12
- customer: means a person who purchases portable electronics. See Indiana Code 27-1-15.9-2
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insured customer: means a customer who purchases insurance under a portable electronics insurance policy that is issued to a vendor. See Indiana Code 27-1-15.9-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- 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
- location: means :
Indiana Code 27-1-15.9-4
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- portable electronics: means electronic devices that are portable in nature. See Indiana Code 27-1-15.9-5
- portable electronics insurance: means insurance that provides coverage for the repair or replacement of portable electronics, including coverage for loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. See Indiana Code 27-1-15.9-6
- premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
- supervising entity: means a business entity that:
Indiana Code 27-1-15.9-8
- vendor: means a business entity that directly or indirectly engages in portable electronics transactions. See Indiana Code 27-1-15.9-9
(2) State that the customer may purchase or lease portable electronics regardless of whether the customer also purchases portable electronics insurance.
(3) Summarize the material terms of each portable electronics insurance policy under which insurance is available from the vendor, including all the following:
(A) The identity of the insurer that issues the portable electronics insurance policy.
(B) The identity of any supervising entity.
(C) The amount of any applicable deductible and the manner by which the deductible is paid.
(D) The benefits of the portable electronics insurance.
(E) The key terms and conditions, including whether portable electronics may be repaired or replaced with:
(i) reconditioned; or
(ii) nonoriginal;
manufacturer equipment of a make or model that is similar to the portable electronics.
(4) Summarize the process for filing a claim, including:
(A) a description of the manner by which to return portable electronics; and
(B) the maximum fee applicable if the customer fails to comply with any applicable equipment return requirement.
(5) State that an insured customer may cancel the portable electronics insurance at any time and the person who pays the premium will receive a refund of unearned premium.
As added by P.L.4-2012, SEC.3.