South Carolina Code 38-89-50. Application for coverage; issuance of policy
If the association determines that the applicant meets the underwriting standards of the association as set forth in the approved plan of operation and there is no unpaid, uncontested premium due from the applicant for any prior insurance of the same kind, the association, upon receipt of the premium, or a portion of it as prescribed by the plan of operation, shall cause to be issued a policy of day care liability insurance for one year.
Terms Used In South Carolina Code 38-89-50
- Association: means a joint underwriting association established pursuant to this subdivision. See South Carolina Code 38-89-10
- Day care liability insurance: means insurance protection against the day care liability of the insured and against loss, damage, or expense incident to a claim arising out of day care service to a person as the result of negligence in rendering or failing to render day care service. See South Carolina Code 38-89-10
- insurance: includes annuities. See South Carolina Code 38-1-20
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
The rates, rating plans, rating rules, rating classifications, territories, and policy forms applicable to insurance written by the association and the statistical and experience data relating thereto are subject to this chapter and to those provisions of Chapter 73 of Title 38 of the 1976 Code which are not inconsistent with this subdivision.