Indiana Code 27-1-27-1. Definitions
(b) “Contract” refers to a contract between a public adjuster and an insured under which:
Terms Used In Indiana Code 27-1-27-1
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- corporation: means an insurance company and includes all persons, partnerships, corporations, associations, orders or societies engaged in or proposing to engage in making any kind of insurance authorized by the laws of this state. See Indiana Code 27-1-2-3
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
(2) the insured agrees to compensate the public adjuster for those services.
(c) “Firm” includes any corporation, partnership, association, joint stock company, or individual.
(d) “Independent adjuster” has the meaning set forth in IC 27-1-28-6.
(e) “Insured” means a person covered by an insurance policy.
(f) “Person” means an individual, a corporation, a limited liability company, a partnership, or any other legal entity.
(g) “Public adjuster” includes the following:
(1) A person that, for compensation or reward, renders advice or assistance to an insured in the adjustment of a claim or claims for loss or damages under any policy of insurance covering real or personal property.
(2) A person that advertises, solicits business, or holds itself out to the public as an adjuster of claims described in subdivision (1).
(h) The term “public adjuster” does not include the following:
(1) An attorney at law admitted to practice in Indiana who adjusts insurance losses in the course of the practice of the attorney’s profession.
(2) An officer, regular salaried employee, or other representative of:
(A) an insurer; or
(B) an attorney in fact of any reciprocal insurer or Lloyd’s underwriter licensed to do business in Indiana;
who adjusts losses arising under an employer’s or principal’s own policies.
(3) An adjustment bureau or association owned and maintained by insurers to adjust or investigate losses of the insurers, or any regular salaried employee who devotes substantially all the employee’s time to the business of an adjustment bureau or association described in this subdivision.
(4) Any of the following:
(A) A licensed insurance producer.
(B) An authorized insurer.
(C) An officer or employee of an authorized insurer who adjusts losses for the insurer.
(D) An insurance producer or representative of a farm mutual insurance company operating under IC 27-5.1.
(5) Any independent adjuster representing an insurer.
As added by P.L.257-1983, SEC.1. Amended by P.L.129-2003, SEC.6; P.L.178-2003, SEC.28; P.L.226-2023, SEC.3.