OAR 836-085-0005: Definitions

As used in OAR 836-085-0001 to 836-085-0050: (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 of the named insured to discharge any obligation in connection with the payment of premium on a policy of commercial insurance whether the payments are payable directly to the insurer or an insurance producer or indirectly payable under a premium finance plan or extension of credit. (4) "Premium" means the contractual consideration charged to an insured for insurance for a specified period of time regardless of the timing of actual charges. ((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.