Terms Used In Indiana Code > Title 27 > Article 1 > Chapter 29.1 - Political Subdivision Catastrophic Liability Fund

• commission: refers to the Indiana political subdivision risk management commission established by IC 27-1-29-5. See Indiana Code 27-1-29.1-1
• Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• fund: refers to the political subdivision catastrophic liability fund established by this chapter. See Indiana Code 27-1-29.1-2
• Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
• insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• liability: means an obligation arising from:

  Indiana Code 27-1-29.1-3

• member: refers to any political subdivision that has a membership in the fund, as provided in section 9 of this chapter. See Indiana Code 27-1-29.1-4
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
• political subdivision: has the meaning set forth in IC 34-6-2-110. See Indiana Code 27-1-29.1-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• 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.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• underlying coverage: refers to any liability insurance policy that names a member of the fund or its officials or employees as a named insured, an additional named insured, an insured, or an additional insured. See Indiana Code 27-1-29.1-6
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5