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 er 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.
Rhode Island Legal Code