Montana Code 30-14-1303. Required disclosures — reimbursement insurance policy
30-14-1303. Required disclosures — reimbursement insurance policy. (1) Reimbursement insurance policies insuring service contracts or vehicle theft protection product warranties issued, sold, or offered for sale in this state must state that the insurer that issued the reimbursement insurance policy shall either reimburse or pay on behalf of the provider any covered sums that the provider is legally obligated to pay or, in the event of the provider’s nonperformance, shall provide the service that the provider is legally obligated to perform according to the provider’s contractual obligations under the service contracts or vehicle theft protection product warranties issued or sold by the provider.
Terms Used In Montana Code 30-14-1303
- Contract: A legal written agreement that becomes binding when signed.
- contract holder: means the person who is the purchaser or holder of a service contract. See Montana Code 30-14-1301
- Provider: means a person who is contractually obligated to the service contract holder or vehicle theft protection product warranty holder under the terms of the service contract or vehicle theft protection product warranty. See Montana Code 30-14-1301
- Reimbursement insurance policy: means a policy of insurance issued to a provider to either provide reimbursement to the provider under the terms of the insured service contracts issued or sold by the provider or, in the event of the provider's nonperformance, to pay on behalf of the provider all covered contractual obligations incurred by the provider under the terms of the insured service contracts issued or sold by the provider. See Montana Code 30-14-1301
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Vehicle theft protection product: means a device or system that:
(i)is installed on or applied to a motor vehicle;
(ii)is designed to prevent loss or damage to a motor vehicle from theft; and
(iii)includes a vehicle theft protection product warranty. See Montana Code 30-14-1301
- warranty holder: means the person who is the purchaser of a vehicle theft protection product and the holder of a vehicle theft protection product warranty. See Montana Code 30-14-1301
(2)If covered service is not provided by the provider within 60 days of proof of loss by the service contract holder or vehicle protection product warranty holder, the contract holder or warranty holder is entitled to apply directly to the reimbursement insurance company.