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

Indiana § 27-2-24-3

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

Text

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).

Legislative History

As added by P.L.148-2017, SEC.8.