Indiana Code 27-1-20-19. Misrepresentation of funds available to pay losses or policy claims
Current as of: 2023 | Check for updates
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Terms Used In Indiana Code 27-1-20-19
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
Sec. 19. No company doing business in this state or agent thereof shall state or represent by advertisement in any newspaper, periodical or magazine or by any sign, circular, card, policy of insurance or certificate of renewal thereof or otherwise that any funds or assets are in possession of such company which are not actually owned by it and available for the payment of losses and claims and held for the protection of its policyholders and creditors. Funds deposited by any company, under depository laws of this or other states, shall be considered as in the company’s possession for the payment of losses or policy claims.
Formerly: Acts 1935, c.162, s.267.