What is a warranty?
A warranty is made solely by the manufacturer, importer, or seller of property or services without charge, is not negotiated or separated from the sale of the product, that is incidental to the sale of the product, and guarantees indemnity for defective parts, mechanical or electrical breakdown, labor, or other remedial measures, such as repair or replacement of the property or repetition of services, as according to §38-78-20(14).

Service Contract Provider

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1. What is a service contract?
2. What is a warranty?
3. What is a provider?
4. Are the fees collected by the contract service provider subject to premium taxes?
5. What are the requirements of a service contract provider insuring service contracts under a reimbursement policy?
6. What are the requirements of a service contract provider insuring service contracts not covered under a reimbursement policy?
7. How long should a service contract provider preserve its records?
8. What are the procedures if a contract service provider cancels its reimbursement policy?
9. Is there a “free look” period in a service contract?
10. Is there any required language that must be disclosed in the service contracts?
11. Is a service contract an insurance policy?
12. Can a bank or lending institution require a borrower to purchase a service contract as a condition of a loan?