§27-9.4-3  Definitions. –


Published: 2015

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TITLE 27

Insurance

CHAPTER 27-9.4

Insurance Binders as Evidence of Coverage

SECTION 27-9.4-3



   § 27-9.4-3  Definitions. –

As used in this chapter:



   (1) "Insurance binder" means a written temporary contract of

insurance authorized by an insurer issued prior to the insurance policy that

includes:



   (i) The name and address of the insured and any additional

named insureds, mortgagees, or lienholders;



   (ii) A description of the property insured;



   (iii) A description of the nature and amount of coverage;



   (iv) The identity of the insurer and of the authorized

representative executing the binder;



   (v) The effective and expiration date of coverage; and



   (vi) The binder number or the policy number where applicable

to a policy extension.



   (2) "Insurance policy" means a contract of insurance

describing the term, coverage, premiums, and deductibles.



   (3) "Insured" means the person, group, or property for which

an insurance policy is issued.



   (4) "Insurer" means any organization that issues property or

casualty insurance.



   (5) "Lender" means an individual, partnership, corporation,

association, or other entity, or loan servicer acting on behalf of such party,

who lends money and receives or otherwise acquires a mortgage, a lien, a deed

of trust, or any other security interest in or on any real or personal property

as security for the loan.



History of Section.

(P.L. 2013, ch. 19, § 1; P.L. 2013, ch. 22, § 1.)