§ 515d-2

515D.2 Definitions. As used in this chapter, unless otherwise required by the context:1. 'Policy' means an automobile insurance policy providing bodily injury liability, property damage liability, medical payments, uninsured motorist coverage, physical damagecoverage, or any combination thereof, delivered or issued for delivery in this state, insuringa single individual or one or more related individuals resident in the same household, asnamed insured, and insuring vehicles of the following types only: a. Motor vehicles of the private passenger or station wagon type which are not used as public conveyances nor rented to others. b. Any other four-wheel motor vehicles with a load capacity of one thousand five hundred pounds or less which are not used in the business or profession of the insured. 2. 'Renewal' or 'to renew' means the issuance and delivery by an insurer of a policy replacing at the end of the previous policy term a policy previously issued and delivered bythe same insurer, or the issuance and delivery of a certificate or notice extending the coverageof the policy beyond its original term. a.

vious policy term a policy previously issued and delivered bythe same insurer, or the issuance and delivery of a certificate or notice extending the coverageof the policy beyond its original term. a. Any renewal policy, other than a replacement policy for an unfinished term, with a term of six months or less shall be considered written, for the purposes of this chapter, for a termof six months. b. Any policy written for a term longer than one year or with no fixed expiration date shall be considered written for successive policy terms of one year. 3. 'Nonpayment of premium' means failure of the named insured to discharge when due any of the named insured’s obligations in connection with the payment of premiums on thepolicy, or any installment of a premium, whether the premium is payable directly to theinsurer or its agent or indirectly under any premium finance plan or extension of credit. [C71, 73, 75, 77, 79, 81, §515D.2]2012 Acts, ch 1023, §157 Sat Dec 23 00:48:30 2023 Iowa Code 2024, Section 515D.2 (18, 0)