New Jersey Statutes 17:22A-49. Definitions relative to portable electronics insurance
Terms Used In New Jersey Statutes 17:22A-49
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Commissioner” means the Commissioner of Banking and Insurance.
“Consumer” means a person who purchases portable electronics or related services.
“Department” means the Department of Banking and Insurance.
“Enrolled consumer” means a consumer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics.
“Location” means any physical location in the State of New Jersey or any website, call center site, or similar location directed to residents of the State of New Jersey.
“Portable electronics” means electronic devices that are portable in nature, and accessories and services related to the use of the devices.
“Portable electronics insurance” means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics 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 electronics insurance” shall not include:
(1) 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, power surges or normal wear and tear;
(2) A policy of insurance covering a seller’s or a manufacturer’s obligations under a warranty; or
(3) A homeowner’s, renter’s, private passenger automobile, commercial multi-peril, or similar policy of insurance.
“Portable electronics transaction” means:
(1) the sale or lease of portable electronics by a vendor to a consumer; or
(2) the sale of a service related to the use of portable electronics by a vendor to a consumer.
“Supervising entity” means a business entity that is a licensed insurer or insurance producer that is appointed by an insurer to supervise the administration of a portable electronics insurance program.
“Vendor” means a person engaged, directly or indirectly, in the business of portable electronics transactions.
L.2012, c.56, s.1.