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Oregon Revised Statutes Insurance § 742.390

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) A reimbursement insurance policy insuring service contracts issued, sold or offered for sale in this state shall conspicuously state that, upon failure of the obligor to perform under the contract, the insurer that issued the policy shall pay on behalf of the obligor any sums the obligor is legally obligated to pay or shall provide the service that the obligor is legally obligated to perform according to the obligor's contractual obligations under the service contracts issued by the obligor.

(2) For purposes of this section and ORS 742.392:

(a) “Obligor” has the meaning given in ORS 646A.152.

(b) A “reimbursement insurance policy” is a policy of insurance providing reimbursement coverage for all obligations and liabilities under the terms of the service contract issued by the obligor including claims against the obligor for return of the unearned purchase price of the service contract.

(c) “Service contract” has the meaning given in ORS 646A.154.

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Cite this article: FindLaw.com - Oregon Revised Statutes Insurance § 742.390 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-56-insurance/or-rev-st-sect-742-390/

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