Section 58-33-59 - Cancellation of insurance--Definitions

58-33-59. Cancellation of insurance--Definitions.Terms, 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. Source: SL 1985, ch 392, §1; SL 1986, ch 27, §54; SL 1999, ch 259, §1; SL 2001, ch 286, §206.