Indiana Code 27-2-28-6. “Material change”
(1) an increase of more than ten percent (10%) over the expiring premium for; or
Terms Used In Indiana Code 27-2-28-6
- insured: means an individual who is the first named insured on the declarations page of a personal automobile or homeowner's policy. See Indiana Code 27-2-28-4
- insurer: refers to an insurer (as defined in IC 27-1-2-3) that issues a personal automobile or homeowner's policy. See Indiana Code 27-2-28-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
insurance in connection with a personal automobile or homeowner’s policy.
(b) The term does not include the following:
(1) An increase in the insurer‘s filed rate plan and automatic inflationary increases.
(2) An additional premium due to a change initiated by the insured, such as:
(A) adding or removing vehicles or drivers;
(B) adding an endorsement;
(C) adding additional coverages;
(D) adding covered premises; or
(E) increasing coverage limits or deductibles.
(3) An additional premium due to a change in risk exposure as a result of the insured’s participation in a usage based or telematics insurance program.
(4) Changes resulting from a property inspection.
As added by P.L.226-2023, SEC.20.