20-1672
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20-1672. Definitions In this article, unless the context otherwise requires: 1. "Cancellation" means termination of a policy at a date other than its expiration date. 2. "Expiration date" means the date on which coverage under a policy ends as set forth in the policy. For a policy written for a term longer than one year or with no fixed expiration date, each annual anniversary date of the policy is the expiration date. 3. "Nonpayment of premium" means the failure or inability of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance subject to this article, whether the payments are payable directly to the insurer or its agent or payable through a premium finance plan or extension of credit. 4. "Nonrenewal" means termination of a policy at its expiration date. 5. "Renewal" or "to 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 an insurer within the same group of insurers or the issuance of a certificate or notice extending the term of an existing policy for a specified period beyond its expiration date. |