§4222. Definitions

Link to law: http://legislature.vermont.gov/statutes/section/08/113/04222
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

113

:
LIABILITY INSURANCE






Subchapter

002
:
CANCELLATION OF POLICIES










 

§

4222. Definitions

The following

definitions, unless otherwise specified or qualified, shall be applicable to

this subchapter:

(1)

"Policy" means an automobile liability policy providing bodily injury

liability, property damage liability, medical payments and uninsured motorist

coverage, or any combination thereof, delivered or issued for delivery in this

State, insuring a single individual or husband and wife resident of the same

household, as named insured, and under which the insured vehicles therein

designated are of the following types only:

(A) A motor

vehicle of the private passenger or station wagon type that is not used as a

public or livery conveyance for passengers, nor rented to others; or

(B) Any other

four-wheel motor vehicle with a load capacity of 1,500 pounds or less which is

not used in the occupation, profession, or business of the insured; provided,

however, that absent specific language to the contrary, this subchapter shall

not apply to any policy issued under the Vermont Automobile Insurance Plan, nor

shall it apply to any policy insuring more than four automobiles, or to any

policy covering garage, automobile sales agency, repair shop, service station,

or public parking place operation hazards, or to any policy of insurance issued

principally to cover personal or premises liability of an insured even though

such insurance may also provide some incidental coverage for liability arising

out of the ownership, maintenance, or use of a motor vehicle on the premises of

such insured or on the ways immediately adjoining such premises.

(2)

"Renewal" or "to renew" means the issuance and delivery by

an insurer of a policy replacing at the end of the policy period a policy

previously issued and delivered by the same insurer, or the issuance and

delivery of a certificate or notice extending the term of the policy beyond its

policy period or term; provided, however, that any policy with a policy period

or term of less than six months shall for the purpose of this subchapter be

considered as if written for a policy period or term of six months. Provided,

further, that any policy written for a term longer than one year or any policy

with no fixed expiration date, shall for the purpose of this subsection be

considered as if written for successive policy periods or terms of one year,

and such policy may be terminated at the expiration of any annual period upon

giving 30 days' notice of nonrenewal prior to such anniversary date, and such

nonrenewal shall not be subject to any other provisions of this subchapter.

(3)

"Nonpayment of premium" means failure of the named insured to

discharge when due any of his or her obligations in connection with the payment

of premiums on the policy, or any installment of such premium, whether the

premium is payable directly to the insurer or its agent or indirectly under any

premium finance plan or extension of credit. (Added 1971, No. 195 (Adj. Sess.),

§ 1; amended 1977, No. 223 (Adj. Sess.), §§ 1, 9.)
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