Sec. 4. As used in this chapter, “group insurance policy” means a policy of insurance that provides personal excess liability insurance or personal umbrella liability insurance to participating group members under one (1) master policy:

(1) that is issued to the group administrator; and

Terms Used In Indiana Code 27-1-41-4

  • group: means the following:

    Indiana Code 27-1-41-2

  • group administrator: means the officers or directors of a group or any other person legally vested with the responsibility to manage the affairs of a group. See Indiana Code 27-1-41-3
  • 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
  • member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
(2) under which individual certificates are issued to each participating group member.

As added by P.L.32-2012, SEC.2.

  Previous section
Next section  
 Chapter 41 Contents