Indiana Code 27-2-24-3. “Available insurance proceeds”
Current as of: 2024 | Check for updates
|
Other versions
Sec. 3. As used in this chapter, “available insurance proceeds” means:
(A) to an innocent coinsured; and
(1) the proceeds payable under a policy of property or casualty insurance:
Terms Used In Indiana Code 27-2-24-3
- authorized agency: means the following:
Indiana Code 27-2-24-2
- innocent coinsured: means an individual who:
Indiana Code 27-2-24-5
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property or casualty insurance: means a type of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-2-24-7
(B) based on a claim for property loss to the innocent coinsured’s primary residence; minus
(2) proceeds already paid under the policy of property or casualty insurance to:
(A) the innocent coinsured for:
(i) emergency living expenses;
(ii) emergency action necessary to secure the premises of the primary residence; and
(iii) action necessary to prevent further damage to the premises of the primary residence; and
(B) a lienholder or mortgagee who is not under investigation by an authorized agency;
in connection with the property loss described in subdivision (1).
As added by P.L.148-2017, SEC.8.