Nonpayment of premium means the failure or inability of the named insured to discharge any obligation in connection with the payment of premium on a policy of insurance subject to this section, whether the payments are payable directly to the insurer or its agent or indirectly payable under a premium finance plan or extension of credit.[PL 1985, c. 671, §2 (NEW).]
Nonpayment of premium means failure of the insured to discharge when due any of the insured's obligations in connection with the payment of premium on a policy, or any installment of the premium, whether the premium is payable directly to the insurer or its insurance producer or indirectly under any premium finance plan or extension of credit.
Nonpayment of premium means the failure of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance 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. Payment to the insurer, or to an agent or broker authorized to receive such payment, shall be timely if made within fifteen days after the mailing to the insured of a notice of cancellation for nonpayment of premium.
Examples of Nonpayment of premium in a sentence
Non-payment of premium on due date as opted by You in the mandate form subject to an additional 15 days of relaxation period will lead to termination of the policy.
Nonpayment of premium, including nonpayment of any additional premiums, calculated in accordance with the current rating manual of the insurer, justified by a physical change in the insured property or a change in its occupancy or use.
Provided the premium has been paid in full You shall be entitled to a proportionate rebate of premium in respect of the unexpired period showing on the insurance.Valid reasons include but are not limited to:• Non-payment of premium.
Non-payment of premium shall require ten (10) days notice of cancellation.
Nonpayment of premium when due to the insurer or producing agent.
More Definitions of Nonpayment of premium
Nonpayment of premium means the failure of the named insured to discharge any obligation in connection with the payment of premiums on property insurance policies subject to sections 26.1-39-10 through 26.1-39-21, whether the payments are directly payable to the insurer or its insurance producer or indirectly payable under a premium finance plan or extension of credit. "Nonpayment of premium" includes the failure to pay dues or fees when payment of dues or fees is a prerequisite to obtaining or continuing property insurance coverage.
Nonpayment of premium means failure of the named
Nonpayment of premium means failure of the named insured to discharge when due any of his 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. "BENEFICIARY OR CLAIMANT" INCLUDES AN INSURED PERSON AND A THIRD-PARTY CLAIMANT.
Nonpayment of premium means failure of the named insured to discharge, when due, any obligations in connection with the payment of premium. “Premium” means the payment that is due for a policy. “Premium” includes audit premium due on the preceding policy and additional premium due on retrospectively rated policies, but does not include membership dues or other consideration required to be a member of an organization in order to be eligible for the policy.
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 the policy, or any installment of a premium, whether the premium is payable directly to the insurer 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 515D.3 When not applicable.This chapter shall not apply to any policy:1. Issued under an automobile assigned risk plan.2. Covering garage, automobile sales agency, repair shop, service station, or public parking place operation hazards.3. Insuring more than four automobiles.