A vendor may bill and collect the premium for portable electronicsinsurance coverage.
Terms Used In Utah Code 31A-22-1809
Customer: means a person who purchases portable electronics. See Utah Code 31A-22-1802
Enrolled customer: means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. See Utah Code 31A-22-1802
Fiduciary: A trustee, executor, or administrator.
Insurance: includes :
(i)
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
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
Portable electronics: means :
(a)
an electronic device that is portable in nature; and
(b)
an accessory or service related to the use of the portable electronic device. See Utah Code 31A-22-1802
Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that provides coverage for portable electronics against any one or more of the following:
Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Utah Code 31A-22-1802
(2)
(a)
Any charge to an enrolled customer for portable electronics insurance coverage that is not included in the cost associated with the purchase or lease of portable electronics or related services shall be separately itemized on the enrolled customer‘s bill.
(b)
If the portable electronics insurance coverage is included with the purchase or lease of portable electronics or related services, the vendor shall clearly and conspicuously disclose to the enrolled customer that the portable electronics insurance coverage is included with the portable electronics or related services.
(3)
A vendor who bills and collects the premium for the portable electronics insurance may not be required to maintain the money in a segregated account if the vendor is authorized by the insurer to hold the money in an alternative manner and remits the money to the supervising entity within 60 days of receipt. Money received by a vendor from an enrolled customer for the sale of portable electronics insurance is considered money held in trust by the vendor in a fiduciary capacity for the benefit of the insurer.
(4)
A vendor may receive compensation for billing and collection services.
