Indiana Code 27-2-24-10. Payment not required if final settlement less than 60% of available proceeds
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Terms Used In Indiana Code 27-2-24-10
- available insurance proceeds: means :
Indiana Code 27-2-24-3
- innocent coinsured: means an individual who:
Indiana Code 27-2-24-5
- insurer: means an insurance company that issues or delivers a policy of property or casualty insurance. See Indiana Code 27-2-24-6
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Sec. 10. This chapter does not require an insurer that issued a policy of property or casualty insurance to pay a claim to an innocent coinsured if the final settlement for the property loss is less than sixty percent (60%) of available insurance proceeds under the policy.
As added by P.L.148-2017, SEC.8.