§ 7909. Termination of service contract reimbursement insurance policy. An insurer that issues a service contract reimbursement insurance policy shall not terminate the policy except in accordance with section three thousand four hundred twenty-six of this chapter and upon notice to the superintendent. The termination of a service contract reimbursement insurance policy shall not reduce the issuer's responsibility for service contracts issued in this state by providers prior to the date of the termination.

Terms Used In N.Y. Insurance Law 7909

  • Contract: A legal written agreement that becomes binding when signed.
  • Service contract: means a contract or agreement, for a separate or additional consideration, for a specific duration to perform the repair, replacement or maintenance of property, or indemnification for repair, replacement or maintenance, due to a defect in materials or workmanship or wear and tear, with or without additional provision for indemnity payments for incidental damages, provided any such indemnity payment per incident shall not exceed the purchase price of the property serviced. See N.Y. Insurance Law 7902
  • Service contract reimbursement insurance policy: means a policy of service contract reimbursement insurance. See N.Y. Insurance Law 7902
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