§ 27-7-5-5 — Limitations on coverage

(a) The policy or endorsement affording
coverage specified in this chapter may provide that the total limit of all
insurers' liability arising out of any one (1) accident shall not exceed
the highest limits under any one (1) policy applicable to the loss, but in
no event may coverage be less than the minimum set forth in IC 9-25-4-5.
(b) When the coverage specified in this chapter is written to apply
to one (1) or more motor vehicles under a single automobile liability
policy, such coverage applies only to the operation of those motor
vehicles for which a specific uninsured or underinsured motorist
premium charge has been made and does not apply to the operation of
any motor vehicles insured under the policy or owned by the named
insured for which a premium charge has not been made.
(c) The maximum amount payable for bodily injury under uninsured
or underinsured motorist coverage is the lesser of:
(1) the difference between:
(A) the amount paid in damages to the insured by or for any
person or organization who may be liable for the insured's
bodily injury; and
(B) the per person limit of uninsured or underinsured motorist
coverage provided in the insured's policy; or
(2) the difference between:
(A) the total amount of damages incurred by the insured; and
(B) the amount paid by or for any person or organization liable
for the insured's bodily injury.
As added by Acts 1982, P.L.166, SEC.4. Amended by
P.L.391-1987(ss), SEC.3; P.L.2-1991, SEC.90; P.L.1-1992, SEC.153;
P.L.1-1993, SEC.205.