Terms Used In Indiana Code 27-1-44-1

  • 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. 1. As used in this chapter, “property and casualty insurance” means one (1) or more of the types of insurance described in IC 27-1-5-1, Class 2 and Class 3. The term does not include title insurance (as defined in IC 27-7-3-2).

As added by P.L.119-2014, SEC.2. Amended by P.L.146-2015, SEC.29.