Why logrotate rotate/zip logs after forty eight hours?

Environment

• Red Hat Enterprise Linux 5
• Red Hat Enterprise Linux 6
• Logrotate
• Dynamic log files, generated by application (and not by logrotate)

[root@example.com ~]# cat /etc/logrotate.d/example
/var/log/example/*.log 
     daily
     compress
     rotate 3
     missingok
     sharedscripts
     nocreate <--- Logrotate is not creating log files here. 
}