Insurance Policies Generally

What this document is

Oregon Revised Statutes Chapter 742 - Insurance Policies Generally (152 sections, 742.001-742.710) is a state statute published by Oregon Legislative Assembly, oregonlegislature.gov (retrieved via an Internet Archive snapshot of the official site). It is one of the Oregon documents that insurance license exam questions are written from, including oregon life & health, oregon property & casualty, oregon personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• ORS Chapter 742 § 742.016 (Policy Constitutes Entire Contract)

  “When the contract is made pursuant to a written application therefor, if the insurer delivers a copy of such application with the policy to the insured, thereupon such application shall become a part of the insurance policy. Any application that is not so delivered to the insured shall not be a...”

• ORS Chapter 742 § 742.061 (Recovery of Attorney Fees in Action on Policy)

  “if settlement is not made within six months from the date proof of loss is filed with an insurer and an action is brought in any court of this state upon any policy of insurance of any kind or nature, and the plaintiff’s recovery exceeds the amount of any tender made by the defendant in such...”

• ORS Chapter 742 § 742.560(1) (Definitions for ORS 742.560 to 742.572, Cancellation)

  ““Cancellation” means termination of coverage by an insurer, other than termination at the request of the insured, during a policy period.”

• ORS Chapter 742 § 742.056 (Certain Conduct Not Deemed Waiver)

  “Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of or estoppel to assert any provision of a policy or of any defense of the insurer thereunder: (1) Acknowledgment of the receipt of...”

• ORS Chapter 742 § 742.053(1) (Forms for Proving Loss; Responsibility of Insurer)

  “An insurer, in response to a written request, shall provide forms for proving a loss for which a person makes a claim under an insurance policy the insurer issues. The requirement to provide forms under this subsection does not impose responsibility upon the insurer for the person’s proof of loss,...”

• ORS Chapter 742 § 742.018 (Construction According to Foreign Law Prohibited)

  “No policy of insurance shall contain any condition, stipulation or agreement requiring such policy to be construed according to the laws of any other state or country. Any such condition, stipulation or agreement shall be invalid.”

• ORS Chapter 742 § 742.003 (Filing and approval of policy forms)

  “no basic policy form, or application form where written application is required and is to be made a part of the policy, or rider, indorsement or renewal certificate form shall be delivered or issued for delivery in this state until the form has been filed with and approved by the Director of the...”

• ORS Chapter 742 § 742.005 (Grounds for disapproval of policy forms)

  “The Director of the Department of Consumer and Business Services shall disapprove any form requiring the director’s approval: (1) If the director finds it does not comply with the law; (2) If the director finds it contains any provision, including statement of premium, or has any label, description...”

• ORS Chapter 742 § 742.001 (Scope of ORS chapters 742, 743, 743A and 743B)

  “this chapter and ORS chapters 743, 743A and 743B apply to all insurance policies delivered or issued for delivery in this state except: (1) Reinsurance. (2) Wet marine and transportation insurance policies. (3) Surplus lines insurance policies.”

• ORS Chapter 742 § 742.013 (Representations in Applications)

  “All statements and descriptions in any application for an insurance policy by or in behalf of the insured, shall be deemed to be representations and not warranties.”

• ORS 742.234 (Insurer's options)

  “A fire insurance policy shall contain a provision as follows: “It shall be optional with this company to take all, or any part, of the property at the agreed or appraised value, and also to repair, rebuild or replace the property destroyed or damaged with other of like kind and quality within a...”

• ORS 742.226(2) (Mortgagee interest and obligation of mortgagee)

  ““If the insured fails to render proof of loss such mortgagee, upon notice, shall render proof of loss in the form herein specified within 60 days thereafter and shall be subject to the provisions hereof relating to appraisal and time of payment and of bringing suit.”

Practice this material

Questions about this source

More Oregon sources

• ORS Chapter 746 - Trade Practices (selected Secs. 746.005-746.240)State statute
• Oregon Revised Statutes Chapter 743 - Health and Life Insurance, first half (74 sections, 743.004-743.268)State statute
• Oregon Revised Statutes Chapter 743 - Health and Life Insurance, second half (116 sections, 743.269-743.826)State statute
• Oregon Revised Statutes Chapter 743A - Health Insurance Mandated Benefits (whole chapter, 743A.001-743A.335)State statute
• Oregon Revised Statutes Chapter 743B - Health Benefit Plans, first half (47 sections, 743B.001-743B.287)State statute
• Oregon Revised Statutes Chapter 743B - Health Benefit Plans, second half (50 sections, 743B.288-743B.810)State statute
• Oregon Revised Statutes Chapter 744 - Insurance Producers and Life Settlements, first half (60 sections, 744.052-744.367)State statute
• Oregon Revised Statutes Chapter 744 - Insurance Producers and Life Settlements, second half (86 sections, 744.369-744.994)State statute