Delaware Code Title 18 Sec. 4203 – Scope
This chapter shall apply to all kinds of direct insurance but does not apply to any of the following:
(1) Life, annuity, health and disability insurance;
(2) Mortgage guaranty, financial guaranty and other forms of financial guarantees;
(3) Fidelity and surety bonds, or other bonding obligations;
(4) Credit insurance, vendors single interest insurance, or collateral protection insurance or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor transaction;
(5) Insurance of warranties or service contracts, including insurance that provides for the repair, replacement, or service of goods or property, or indemnification for repair, replacement, or service, for the operational or structural failure of the goods or property due to a defect in materials, workmanship, or normal wear and tear, or provides reimbursement for the liability incurred by the issuer of agreements or service contracts that provide such benefits;
(6) Title insurance;
(7) Ocean marine insurance;
(8) Any transaction or combinations of transactions between a person (including affiliates of such person) and an insurer (including affiliates of such insurer) which involves the transfer of an investment or credit risk unaccompanied by the transfer of insurance risk;
(9) Any insurance provided by or guaranteed by government.
18 Del. C. 1953, § ?4203; 57 Del. Laws, c. 437; 63 Del. Laws, c. 395, § ?1; 68 Del. Laws, c. 112, § ?1; 81 Del. Laws, c. 337, § 1;
Terms Used In Delaware Code Title 18 Sec. 4203
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Ocean marine insurance: includes any form of insurance, regardless of the name, label, or marketing designation of the insurance policy, which insures against maritime perils or risks and other related perils or risks, which are usually insured against by traditional marine insurance, such as hull and machinery, marine builders risk, and marine protection and indemnity. See Delaware Code Title 18 Sec. 4205
- Person: means any individual, corporation, partnership, association, governmental entity or voluntary organization. See Delaware Code Title 18 Sec. 4205