Indiana Code 27-1-41-7. Rates

Sec. 7. An insurer may apply to a group insurance policy a lower rate than the rate shown in the insurer’s manual for insurance policies that are:

(1) of the same type as the group insurance policy; and

group: means the following:
Indiana Code 27-1-41-2
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:
Indiana Code 27-1-41-4
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) individually issued to insureds of the same class as the group members insured under the group insurance policy.

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