38.2-2617 - Definitions.
§ 38.2-2617. Definitions.
As used in this article:
"Administrator" means the person who is responsible for the administrationof the home service contracts or the home service contracts plan or who isresponsible for any submission required by this article.
"Home service contract" means a contract or agreement for a separatelystated consideration for a specific duration to perform the repair,replacement, or maintenance of property or indemnification for repair,replacement, or maintenance, for the operational failure of any components,parts, appliances, or systems of any covered residential dwelling due to adefect in materials, workmanship, inherent defect, or normal wear and tear,with or without additional provisions for incidental payment of indemnityunder limited circumstances. Home service contracts may provide for therepair, replacement, or maintenance of property for damage resulting frompower surges or interruption and accidental damage from handling and mayprovide roof leak coverage. Home service contracts are not insurance in theCommonwealth and shall not be subject to the provisions of this title exceptas specifically provided in this article.
"Home service contract holder" or "contract holder" means the purchaseror holder of a home service contract.
"Maintenance agreement" means a contract of limited duration that providesfor scheduled maintenance only and does not include repair or replacement.
"Person" means an individual, partnership, corporation, incorporated orunincorporated association, joint stock company, reciprocal, syndicate or anysimilar entity or combination of entities acting in concert.
"Premium" means the consideration paid to an insurer for a reimbursementinsurance policy.
"Provider" or "home service contract provider" means a person who iscontractually obligated to the home service contract holder under the termsof the home service contract.
"Provider fee" means the consideration paid for a home service contract.
"Reimbursement insurance policy" means a policy of insurance issued to aprovider to provide reimbursement to the provider under the terms of theinsured home service contracts issued or sold by the provider and, in theevent of the provider's nonperformance, to pay on behalf of the provider allcovered contractual obligations incurred by the provider under the terms ofthe insured home service contracts issued or sold by the provider.
(2006, c. 634; 2010, cc. 235, 371.)