Section 58-33-59 - Cancellation of insurance-DefinitionsTerms, used in this section and §§ 58-33-60 to 58-33-65, inclusive, mean:
(1) "Cancellation," termination by the insurer of insurance coverage in whole or in part during the policy term. A policy with no fixed expiration date is considered a policy period or term of one year;(2) "Insurance," includes those policies of insurance defined in §§ 58-9-5 to 58-9-27, inclusive;(3) "Nonpayment of premium," the failure of the named insured to discharge any obligation in connection with the payment of premiums on policies of insurance subject to this section and §§ 58-33-60 to 58-33-65, inclusive, whether such payments are directly payable to the insurer or its insurance producer or indirectly payable under a premium finance plan or extension of credit.SL 1985, ch 392, § 1; SL 1986, ch 27, § 54; SL 1999, ch 259, §1; SL 2001, ch 286, §206.