Or. Admin. R. 836-085-0005

Current through Register Vol. 63, No. 8, August 1, 2024

Section 836-085-0005 - Definitions

As used in OAR 836-085-0001 to 836-085-0050, unless the context required otherwise:

(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) "Premium" means the contractual consideration charged to an insured for insurance for a specified period of time regardless of the timing of actual charges.

(4) "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.

Or. Admin. R. 836-085-0005

IC 2-1985(Temp), f. 5-31-85, ef. 6-15-85; IC 4-1985, f. & ef. 9-19-85; ID 8-1987, f. & ef. 12-14-87

Stat. Auth.: ORS 731

Stats. Implemented: ORS 746.045, ORS 746.055, ORS 746.160(3) & ORS 746.240