§ 27-9.4-3 — § 27-9.4-3. Definitions.

Rhode Island § 27-9.4-3

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-9.4: Insurance Binders as Evidence of Coverage

Text

§ 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.

Legislative History

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