Sec. 1. (a) Except as provided in subsection (b), this chapter applies to all lines of commercial
property and casualty
insurance.
Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 27-1-31-1
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(1) does not apply to the cancellation or nonrenewal of automobile insurance policies, as restricted under IC 27-7-6; and
(2) does not affect requirements applying to:
(A) the cancellation of medical malpractice insurance policies under IC 34-18-13-4 (or IC 27-12-13-4 before its repeal); or
(B) the cancellation of property or liability insurance by a creditor under IC 24-4.5-4-304.
As added by P.L.271-1987, SEC.4. Amended by P.L.2-1993, SEC.149; P.L.224-1993, SEC.1; P.L.1-1998, SEC.148.
