(1) Reimbursement insurance policies insuring service contracts issued, sold, or offered for sale must state that the reimbursement insurance company shall either:
(a) Reimburse or pay on behalf of the provider any covered sums the provider is obligated to pay under the service contract; or
(b) In the event of the provider's nonperformance, provide the service that the provider must perform according to the terms and conditions of the service contract.
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