Indiana Code 27-5.1-2-34. Notice of premium plus assessment policy; civil actions; limitation
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Sec. 34. (a) A premium plus assessment insurance policy must expressly and prominently state on the face page of the insurance policy that the insurance policy is a premium plus assessment insurance policy.
(1) the loss is due in accordance with the premium plus assessment insurance policy; or
(b) A suit or action for a loss under a premium plus assessment insurance policy may not be commenced until:
Terms Used In Indiana Code 27-5.1-2-34
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
(2) not less than sixty (60) days after proof of loss was given to the farm mutual insurance company that issued the premium plus assessment insurance policy.
(c) Requirements that a policyholder must meet to sustain a legal cause of action under this section must be disclosed clearly and prominently on the face page of the premium plus assessment insurance policy.
(d) Notwithstanding IC 34-11-2-11, the statute of limitations for a claim on a premium plus assessment insurance policy under this section is two (2) years after the date of the loss.
As added by P.L.129-2003, SEC.8.