Oregon Statutes 731.102 – Insurance
(1) ‘Insurance’ means a contract whereby one undertakes to indemnify another or pay or allow a specified or ascertainable amount or benefit upon determinable risk contingencies.
Terms Used In Oregon Statutes 731.102
- Contract: A legal written agreement that becomes binding when signed.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
(2) ‘Insurance’ so defined includes annuities.
(3) ‘Insurance’ so defined includes a contract under which one other than a manufacturer, builder, seller or lessor of the subject property undertakes to perform or provide, for a fixed term and consideration, repair or replacement service or indemnification therefor for the operational or structural failure of specified real or personal property or property components. Insurance does not include contracts with a telecommunications utility as defined in ORS § 759.005, for repair, replacement or maintenance of customer-owned inside wiring.
(4) ‘Insurance’ so defined does not include a contract under which an owner rents or leases an animal to a person or to a public body, as defined in ORS § 174.109, if the owner retains an obligation to provide for veterinary care or other needs of the animal. [1967 c.359 § 21; 1981 c.247 § 1; 1985 c.633 § 5; 1987 c.447 § 111; 2017 c.677 § 5]