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Maine Revised Statutes Title 24-A. Maine Insurance Code § 7001. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1. Customer. “Customer” means a person who purchases a portable electronic device or service.

2. Enrolled customer. “Enrolled customer” means a customer who elects coverage under a portable electronic device insurance policy issued to a vendor.

3. Limited lines license. “Limited lines license” means a license to sell or offer a policy for portable electronic device insurance.

4. Location. “Location” means any physical location in the State or any publicly accessible website, call center or similar operation directed to residents of the State.

5. Portable electronic device. “Portable electronic device” means an electronic device that is portable in nature, its accessories and services related to the use of the device.

6. Portable electronic device insurance. “Portable electronic device insurance” means insurance authorized under section 705 providing coverage for the repair or replacement of a portable electronic device that may cover a portable electronic device against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. “Portable electronic device insurance” does not include:

A. A service contract or extended warranty providing coverage limited to the repair, replacement or maintenance of property for the operational or structural failure of property due to a defect in materials, workmanship, accidental damage from handling or normal wear and tear;

B. A policy of insurance covering a seller's or a manufacturer's obligations under a warranty; or

C. Homeowner's or renter's insurance, private passenger automobile insurance, commercial multiple peril insurance or any similar policy.

7. Portable electronic device transaction. “Portable electronic device transaction” means:

A. The sale or lease of a portable electronic device by a vendor to a customer; or

B. The sale of a service related to the use of a portable electronic device by a vendor to a customer.

8. Supervising entity. “Supervising entity” means a business entity that is a licensed insurance producer or insurer.

9. Vendor. “Vendor” means a person in the business of engaging in portable electronic device transactions directly or indirectly.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 24-A. Maine Insurance Code § 7001. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/me/title-24-a-maine-insurance-code/me-rev-st-tit-24-a-sect-7001/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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