Indiana § 27-2-28-6 "Material change"

Indiana Statutes

§ 27-2-28-6 — "Material change"

Indiana·Title 27 INSURANCE·Art. 2 POWERS AND DUTIES OF INSURERS·Ch. 28 Notice of Material Change

(a)As used in this chapter, "material change" means:

(1)an increase of more than ten percent (10%) over the expiring premium for; or

(2)another adverse or unfavorable change in the terms of coverage or amount of; 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

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(a) As used in this chapter, "material change"
means:
(1) an increase of more than ten percent (10%) over the expiring
premium for; or
(2) another adverse or unfavorable change in the terms of
coverage or amount of;
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.