Service Insurance Policy Law and Legal Definition

According to 49 CFR 592.4 [Title 49 – Transportation; Subtitle B -- Other Regulations Relating to Transportation; Chapter V -- National Highway Traffic Safety Administration, Department of Transportation; Part 592 -- Registered Importers of Vehicles not Originally Manufactured to Conform to the Federal Motor Vehicle Safety Standards], service insurance policy means “any policy issued or underwritten by an independent insurance company which covers a specific motor vehicle and guarantees that any noncompliance with a Federal motor vehicle safety standard or defect related to motor vehicle safety determined to exist in that vehicle will be remedied without charge to the owner of the vehicle.”