(a) Policy of automobile insurance or policy means a policy of motor vehicle insurance as defined by GC § 43306.

(b) Renewal or to renew means the issuance and delivery by an insurer of a policy superseding at the end of the policy period a policy previously issued and delivered by the same insurer, such renewal policy to provide types and limits of coverage at least equal to those contained in the policy being superseded, or the issuance and delivery of a certificate or notice extending the term of a policy beyond its policy period or term with types and limits of coverage at least equal to those contained in the policy being extended: Provided, however, that any policy with a policy period or term of less than twelve (12) months or any period with no fixed expiration date shall for the purpose of this Chapter be considered as if written for successive policy periods or terms of twelve (12) months.

(c) Insurer means any insurance company, association or exchange authorized to transact the business of automobile insurance in Guam.

(d) Nonpayment of premium means failure of the named insured to discharge when due any of his obligations in connection with the

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CH. 21 MOTOR VEHICLE INSURANCE

payment of premiums on a 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.

SOURCE: GC § 43525; enacted by P.L. 9-246.