Terms Used In Indiana Code > Title 4 > Article 33 > Chapter 1 - General Provisions

• adverse action: means :

  Indiana Code 27-2-21-1

• affiliate: means a company that controls, is controlled by, or is under common control with another company. See Indiana Code 27-2-21-2
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• applicant: means an individual who has applied with an insurer for coverage under a personal insurance policy. See Indiana Code 27-2-21-3
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-2-22-2
• commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-2-21-4
• consumer: means an:

  Indiana Code 27-2-21-5

• consumer reporting agency: means a person that, for a monetary fee or dues or on a cooperative nonprofit basis, regularly engages in the practice of assembling or evaluating consumer credit information or other information concerning consumers for the purpose of furnishing consumer reports to third parties. See Indiana Code 27-2-21-6
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• credit information: means credit related information:

  Indiana Code 27-2-21-7

• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• credit report: means a written, an oral, or another communication of information by a consumer reporting agency concerning a consumer's creditworthiness, credit standing, or credit capacity that is used or expected to be used or collected as a factor to determine personal insurance policy premiums, eligibility for coverage, or tier placement. See Indiana Code 27-2-21-8
• department: refers to the department of insurance created by IC 27-1-1-1. See Indiana Code 27-2-21-9
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• governmental agency: means any:

  Indiana Code 27-2-19-1

• insurance producer: has the meaning set forth in Indiana Code 27-2-21-10
• insurance score: means a number or rating that is derived from an algorithm, computer application, model, or other process that is based on credit information for the purpose of predicting the future insurance loss exposure of an individual consumer. See Indiana Code 27-2-21-11
• insured: means an individual entitled to coverage under a personal insurance policy. See Indiana Code 27-2-21-12
• insured: means the individual whose life is the subject of insurance under a policy. See Indiana Code 27-2-22-3
• insurer: means a person who transacts a property and casualty insurance business. See Indiana Code 27-2-19-2
• insurer: refers to an insurer (as defined in IC 27-1-2-3) that issues a personal insurance policy. See Indiana Code 27-2-21-13
• insurer: means an insurance company that issues a policy. See Indiana Code 27-2-22-4
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• law enforcement agency: means an agency or a department of any level of government whose principal function is the apprehension of criminal offenders. See Indiana Code 27-2-19-3
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• person: includes individuals, corporations, associations, limited liability companies, and partnerships. See Indiana Code 27-2-19-4
• person: has the meaning set forth in IC 27-1-2-3. See Indiana Code 27-2-20-1
• personal insurance policy: means a policy that:

  Indiana Code 27-2-21-14

• policy: means a policy or certificate that provides the kind of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-2-22-5
• political subdivision: has the meaning set forth in IC 36-1-2-13. See Indiana Code 27-2-19-5
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• retained asset account: means a mechanism through which the settlement of proceeds payable under a policy occurs by the insurer's deposit of the proceeds into a checking or draft account:

  Indiana Code 27-2-22-6

• 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.
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5