Terms Used In Indiana Code > Title 27 > Article 7 > Chapter 8 - Legal Insurance

• Commissioner: refers to the commissioner of insurance. See Indiana Code 27-7-8-1
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: refers to the department of insurance. See Indiana Code 27-7-8-1
• Employee: means an individual employed or permitted to work or perform services for remuneration under a contract of hire, written or oral, by an employer. See Indiana Code 27-7-8-1
• Employer: means a person who hires an employee. See Indiana Code 27-7-8-1
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Insurer: means a person who obtains a certificate of authority under IC 27-1-3-20. See Indiana Code 27-7-8-1
• Legal insurance: means insurance against class 2(m) risk of loss as described in IC 27-1-5-1. See Indiana Code 27-7-8-1
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, corporation, limited liability company, business trust, or association. See Indiana Code 27-7-8-1