Indiana Code 27-1-27-18. If insurer pays policy limit within five business days
(b) If the insurer, not more than five (5) business days after the date on which the insured’s loss is reported to the insurer, either pays or commits in writing to pay to the insured the policy limit of the insurance policy covering the insured:
Terms Used In Indiana Code 27-1-27-18
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- 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
(2) the public adjuster shall inform the insured that the loss recovery amount might not be increased by the insurer; and
(3) the public adjuster is entitled only to reasonable compensation from the insured for services provided by the public adjuster on behalf of the insured, based on:
(A) the time spent by the public adjuster on the claim; and
(B) the expenses incurred by the public adjuster before the claim is paid or the insured receives a written commitment from the insurer to pay the claim.
As added by P.L.226-2023, SEC.13.