Definitions

Definitions. For purposes of this Act, the following terms have the following meanings: "Customer" means a person who purchases portable electronics or services. "Department" means the Department of Insurance. "Director" means the Director of Insurance. "Enrolled customer" means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. "Location" means any physical location in this State or any website, call center site, or similar location directed to residents of this State. "Portable electronics" means electronic devices that are portable in nature, including their accessories and services related to the use of the device. "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" does not include a service contract pursuant to the Service Contract Act, a policy of insurance covering a seller's or a manufacturer's obligations under a warranty, or a homeowner's, renter's, private passenger automobile, commercial multi-peril, or similar policy. "Portable electronics transaction" means the sale or lease of portable electronics by a vendor to a customer or the sale of a service related to the use of portable electronics by a vendor to a customer. "Supervising entity" means a business entity that is a licensed insurance producer or insurer. "Vendor" means a person in the business of engaging in portable electronics transactions directly or indirectly. (Source: P.A. 97-366, eff. 1-1-12.)