Indiana Code 27-2-24-4. “Final settlement”
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Sec. 4. (a) As used in this chapter, “final settlement” means a determination:
(A) under the building coverage part of a policy of property or casualty insurance; and
(1) of the amount owed to an innocent coinsured by an insurer:
Terms Used In Indiana Code 27-2-24-4
- innocent coinsured: means an individual who:
Indiana Code 27-2-24-5
- insurer: means an insurance company that issues or delivers a policy of property or casualty insurance. See Indiana Code 27-2-24-6
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property or casualty insurance: means a type of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-2-24-7
(B) for property loss to the innocent coinsured’s primary residence; and
(2) made by any of the following methods:
(A) Acceptance of a proof of loss by the insurer.
(B) Execution of a release by the innocent coinsured.
(C) Acceptance of an arbitration award by the innocent coinsured and the insurer.
(D) Judgment of a court of competent jurisdiction.
(b) The term “final settlement” does not apply to damage or loss related to contents, personal property, or another loss that is not covered under the building coverage part of a policy of property or casualty insurance.
As added by P.L.148-2017, SEC.8.