Terms Used In Indiana Code 27-1-42-12

• certificate of insurance: means a document prepared by an insurer or insurance producer as evidence of property or casualty insurance coverage. See Indiana Code 27-1-42-2
• Contract: A legal written agreement that becomes binding when signed.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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
• property or casualty insurance: means one (1) or more of the kinds of insurance described in Class 2 and Class 3 of IC 27-1-5-1. See Indiana Code 27-1-42-8