Indiana Code 27-1-43.2-12. Service contract form
(1) Be legibly typed or printed in understandable language.
Terms Used In Indiana Code 27-1-43.2-12
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- holder: means a person who is entitled to services or indemnification under a service contract. See Indiana Code 27-1-43.2-2
- 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
- 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
- motor vehicle: has the meaning set forth in IC 9-13-2-105(a). See Indiana Code 27-1-43.2-4
- 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
- provider: means a person who is contractually obligated to a holder under a service contract. See Indiana Code 27-1-43.2-5
- service contract: means an agreement:
Indiana Code 27-1-43.2-7
- service contract reimbursement policy: means a policy of insurance that provides coverage for one (1) of the following:
Indiana Code 27-1-43.2-8
(A) The name and address of:
(i) the provider;
(ii) any administrator of the service contract, if different from the provider;
(iii) the person selling the service contract; and
(iv) if the information has been furnished by the holder, the holder.
This information may be added to the service contract at the time of sale and is not required to be preprinted on the service contract.
(B) The total purchase price and the terms under which the service contract is sold. This information may be negotiated with the holder and added to the service contract at the time of sale and is not required to be preprinted on the service contract.
(C) The existence and amount of any applicable deductible.
(D) The products and services to be provided under the service contract, including any conditions, limitations, exceptions, and exclusions.
(E) Whether the use of nonoriginal manufacturer parts is allowed.
(F) Any applicable restrictions governing the transferability of the service contract.
(G) The terms, restrictions, or conditions governing cancellation, by the provider or the holder, of the service contract before the termination or expiration date of the service contract.
(H) All obligations and duties of the holder, including any applicable:
(i) duty to protect the motor vehicle from additional damage; and
(ii) motor vehicle service requirements, as provided in the motor vehicle owner’s manual, supplement, or guide.
(I) Whether the service contract provides for or excludes consequential damages or preexisting conditions.
(3) Conspicuously set forth the following statement or a substantially similar statement:
“This service contract is not insurance and is not subject to Indiana insurance law.”.
(4) If the service provider is insured under a service contract reimbursement policy under section 11(a)(1)(A) of this chapter, conspicuously state that if the provider fails to perform or make payment due under the service contract within sixty (60) days after the holder requests the performance or payment, the holder may request the performance or payment directly from the insurer that issued the provider’s service contract reimbursement policy, including any applicable requirement under the service contract that the provider refund any part of the cost of the service contract upon cancellation of the service contract.
As added by P.L.129-2014, SEC.10.