Indiana Code 27-1-6-2. Applicable rights, powers, privileges, duties, obligations, and liabilities
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Terms Used In Indiana Code 27-1-6-2
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Sec. 2. Any insurance company incorporated as such under this chapter, and its successors shall have the rights and powers, shall be entitled to the privileges, and shall be subject to the duties, obligations, and liabilities as prescribed in this article.
Formerly: Acts 1935, c.162, s.62. As amended by P.L.252-1985, SEC.16.