Oregon Statutes 742.700 – Definitions for ORS 742.700 to 742.710
As used in ORS § 742.700 to 742.710:
Terms Used In Oregon Statutes 742.700
- 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.
(1) ‘Cancellation’ means termination of a policy at a date other than its expiration date.
(2) ‘Expiration date’ means the date upon which coverage under a policy ends. For a policy written for a term longer than one year or with no fixed expiration date, ‘expiration date’ means the annual anniversary date of the policy.
(3) ‘Nonpayment of premium’ means the failure or inability of the named insured to discharge any obligation in connection with the payment of premium on a policy of insurance subject to ORS § 742.700 to 742.710, whether the payments are payable directly to the insurer or an insurance producer who is its agent or indirectly payable under a premium finance plan or extension of credit.
(4) ‘Nonrenewal’ means the refusal of an insurer to renew a policy at its expiration date.
(5) ‘Renewal’ or ‘renew’ means the issuance of, or the offer to issue by an insurer, a policy succeeding a policy previously issued and delivered by the same insurer or the issuance of a certificate or notice extending the terms of an existing policy for a specified period beyond its expiration date. [Formerly 743.940; 2003 c.364 § 104]