20-1672. Definitions
In this article, unless the context otherwise requires:
1. " Cancellation" means termination of a policy at a date other than its expiration date.
2. " Expiration date" means the date on which coverage under a policy ends as set forth in the policy. For a policy written for a term longer than one year or with no fixed expiration date, each annual anniversary date of the policy is the expiration date.
3. " Nonpayment of premium" means the failure or inability of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance subject to this article, whether the payments are payable directly to the insurer or its agent or payable through a premium finance plan or extension of credit.
4. " Nonrenewal" means termination of a policy at its expiration date.
5. " Renewal" or " to renew" means the issuance of or the offer to issue by an insurer a policy succeeding a policy previously issued and delivered by the same insurer or an insurer within the same group of insurers or the issuance of a certificate or notice extending the term of an existing policy for a specified period beyond its expiration date.
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