The content of this page is intended for general consumer information. It is not legal advice or regulatory guidance. The CFPB regularly updates this information. This information may contain links or references to third-party resources or content. We do not endorse the third party and do not guarantee the accuracy of such third party information. There may be other resources that also meet your needs. A maintenance contract is defined in N.Y. Ins. Law § 7902(d) (McKinney Supp. 2000) as „a contract of limited duration that provides for the scheduled maintenance of an asset, except contracts that provide for the repair or replacement of the property due to defects in material or workmanship or wear and tear.“ Maintenance contracts are neither insurance nor service contracts and are not subject to New York Insurance Law. See N.Y. Ins. Law §§ 1101, 1102, 7901(b) (McKinney 1985 & Supp.
2000). Whether a contract is an „insurance contract“ governed by the New York Insurance Act depends on a variety of factors, including the nature of the agreement, the extent of the commitments made, the manufacturer of the contract, and the nature of the manufacturer`s business activities. Section 2340(b) of the N.Y. Ins. Law (McKinney 1985) states that „credit insurance means insurance against loss of or damage to personal property that covers a creditor`s security interest in personal property when the insurance is purchased as part of a credit transaction.“ Sellers` Sole Interest Insurance („VSI“) is a type of „property credit insurance“. Therefore, it is subject to New York Insurance Department Regulation 27-B (11 N.Y.C.R.R. 186), a copy of which is attached. As an authorized insurance product, VSI insurance is subject to all applicable New York insurance laws. (2) Do maintenance contracts and other similar contracts constitute „insurance contracts“ within the meaning of section 1101 of the N.Y. Ins. Law (McKinney 1985 and Supp.
1999-2000)? It is not clear that the original lawyers considered that the husband would eventually retire and that this retirement would end VSI payments. And while I`m not sure Colorado would get the same result as the Indiana court, to the extent that the lawyers made a mistake, it was either (1) granting the husband a future military retirement, rather than at least advocating the possibility of a divorce of the retired military spouse (but without knowing the trials, It`s hard to call it a mistake). or (2) make the granting of the pension to the husband „not contingent on the wife`s VSI payments“. An organization („CC“) represents automotive finance and leasing companies and companies that provide related services. CC creates the survey for these industries and describes the treatment of different insurance contracts and similar contracts by each state`s insurance department. They asked the Department to explain their position on deficiency insurance, deviation waivers, maintenance and similar contracts, and vendor single-interest insurance. Specifically, you asked that department to comment on whether the investigation produced by CC is an accurate reformulation of the New York State Gap Act. Please let us know how you feel working with this law firm. Do not disclose any personal information or details about your case.
All opinions submitted will be shared with the law firm prior to publication. VSI insurance protects the lender, but not you, in case the vehicle is damaged or destroyed. Very Short Introductions (VSI) are a series of prints first published by OUP in 1995 that aim to change the way you think about things that interest you and are the perfect introduction to topics you didn`t know. The VSIs are now available in an online resource that provides researchers and students with the OUP`s main series of publications in an easy-to-find, fully searchable and easily accessible format. VSIs are now right next to references, biographies, bibliographies, monographs, dictionaries, scientific content and journals, making them more integrated and accessible than ever in digital research pathways. Law This module provides access to titles ranging from forensic medicine and medical law to human rights and philosophy of law. A full list of titles can be found at: www.veryshortintroductions.com/page/title-lists Online VSIs are only available as an annual subscription to libraries and institutions worldwide. If you are a student or researcher and would like to access this module, please complete our librarian recommendation form: www.oup.com/library-recommend. The conclusion or proposal of an insurance contract constitutes an „insurance business“ in New York State that requires a license. N.Y.
Ins. Law §§ 1101, 1102 (McKinney 1985 & Supp. 2000). The insurance contract must be a type authorized by N.Y. Ins. Law § 1113 (McKinney 1985 & Supp. 2000). Mechanical breakdown insurance, which covers a vehicle owner for damage resulting from the breakdown of their vehicle, is considered an approved type of insurance under N.Y.
Ins. § 1113(a)(19) (McKinney 1985 & Supp. 2000). „Fortuitous act means any event or failure to occur which is significantly beyond the control of the parties or which is borne by them.“ N.Y. Ins. Law § 1101(a)(2) (McKinney 1985). The investigation contains additional errors that a review of the New York Gap Act will reveal. N.Y. Ins.
Law §§ 107(a)(52), 1101(b)(3), 1113(a)(26), 3427 (McKinney 1985 & Supp. 2000) and N.Y. Pers. 9 and 9-A (McKinney 1992 & Supp. 2000) are the provisions relating to insurance and waiver of differences relating to the financed sale and lease of motor vehicles.