Maine Revised Statutes Title 24-A Sec. 3 – “Insurance” defined
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“Insurance” means a contract under which one undertakes to pay or indemnify another as to loss from certain specified contingencies or perils, to pay or grant a specified amount or determinable benefit or annuity in connection with ascertainable risk contingencies or to act as surety, except that the following types of contracts are not considered insurance: [PL 1997, c. 592, §9 (RPR).]
1. Charitable gift annuity. A charitable gift annuity agreement, as defined in section 703?A;
[PL 1997, c. 592, §9 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 3
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
2. Road or tourist service contract. A road or tourist service contract, other than a contract issued by a licensed insurer, related to the repair, operation and care of automobiles or to the protection and assistance of automobile owners or drivers;
[PL 2011, c. 345, §1 (AMD); PL 2011, c. 345, §7 (AFF).]
3. Home service contract. A home service contract whereby, for a set fee and specified duration, a person agrees to defray the cost of repair or replacement or provide or arrange for the repair or replacement of all or any part of any structural component, appliance or system of a home necessitated by wear and tear, deterioration or inherent defect or by failure of an inspection to detect the likelihood of any such loss; and
[PL 2011, c. 345, §1 (AMD); PL 2011, c. 345, §7 (AFF).]
4. Service contract. A service contract as defined in section 7102, subsection 11.
[PL 2011, c. 345, §2 (NEW); PL 2011, c. 345, §7 (AFF).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1995, c. 375, §C1 (AMD). PL 1997, c. 457, §7 (AMD). PL 1997, c. 592, §9 (RPR). PL 2011, c. 345, §§1, 2 (AMD). PL 2011, c. 345, §7 (AFF).