Terms Used In Indiana Code 27-1-3.1-3

  • department: refers to the department of insurance of Indiana. See Indiana Code 27-1-3.1-3
  • 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. 3. As used in this chapter, “department” refers to the department of insurance of Indiana.

As added by P.L.26-1991, SEC.5.