Indiana Code 27-5.1-2-32. Policyholder failure to pay assessment
(1) suspend the farm mutual insurance company’s liability for loss under the policyholder’s insurance policy for the time during which the assessment is not paid; or
Terms Used In Indiana Code 27-5.1-2-32
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
The farm mutual insurance company may deduct the assessment from the policyholder’s deposit before returning the remainder of a deposit, if any, to the policyholder.
(b) If an assessment is paid by a policyholder after a farm mutual insurance company takes an action under subsection (a), the farm mutual insurance company may reinstate the policyholder’s insurance policy effective beginning on the date on which the payment is received, but a deduction or credit may not be made to an assessment because of the suspension of the insurance policy.
(c) A farm mutual insurance company may file an action to compel a policyholder to pay an assessment.
As added by P.L.129-2003, SEC.8.