Indiana Code 27-1-43.2-8. “Service contract reimbursement policy”
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Sec. 8. As used in this chapter, “service contract reimbursement policy” means a policy of insurance that provides coverage for one (1) of the following:
(2) In the event of the provider’s nonperformance under a service contract issued by the provider in Indiana, performance of all obligations:
(1) All obligations and liabilities incurred by a provider under a service contract issued by the provider in Indiana.
Terms Used In Indiana Code 27-1-43.2-8
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- provider: means a person who is contractually obligated to a holder under a service contract. See Indiana Code 27-1-43.2-5
- service contract: means an agreement:
Indiana Code 27-1-43.2-7
(A) of the provider under the service contract; and
(B) that the provider did not perform.
As added by P.L.129-2014, SEC.10.