Indiana § 27-2-24-3 "Available insurance proceeds"

Indiana Statutes

§ 27-2-24-3 — "Available insurance proceeds"

Indiana·Title 27 INSURANCE·Art. 2 POWERS AND DUTIES OF INSURERS·Ch. 24 Coverage With Innocent Coinsured

As used in this chapter, "available insurance proceeds" means:

(1)the proceeds payable under a policy of property or casualty insurance:

(A)to an innocent coinsured; and

(B)based on a claim for property loss to the innocent coinsured's primary residence; minus

(2)proceeds already paid under the policy of property or casualty insurance to:

(A)the innocent coinsured for:

(i)emergency living expenses;

(ii)emergency action necessary to secure the premises of the primary residence; and

(iii)action necessary to prevent further damage to the premises of the primary residence; and

(B)a lienholder or mortgagee who is not under investigation by an authorized agency; in connection with the property loss described in subdivision (1).

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As used in this chapter, "available insurance
proceeds" means:
(1) the proceeds payable under a policy of property or casualty
insurance:
(A) to an innocent coinsured; and
(B) based on a claim for property loss to the innocent
coinsured's primary residence; minus
(2) proceeds already paid under the policy of property or casualty
insurance to:
(A) the innocent coinsured for:
(i) emergency living expenses;
(ii) emergency action necessary to secure the premises of the
primary residence; and
(iii) action necessary to prevent further damage to the
premises of the primary residence; and
(B) a lienholder or mortgagee who is not under investigation by
an authorized agency;
in connection with the property loss described in subdivision (1).