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27-2-24-3. "Available insurance proceeds"

IN Code § 27-2-24-3 (2019) (N/A)
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Sec. 3. As used in this chapter, "available insurance proceeds" means:

(1) the proceeds payable under a policy of property or casualty insurance:

(A) to an innocent coinsured; and

(B) based on a claim for property loss to the innocent coinsured's primary residence; minus

(2) proceeds already paid under the policy of property or casualty insurance to:

(A) the innocent coinsured for:

(i) emergency living expenses;

(ii) emergency action necessary to secure the premises of the primary residence; and

(iii) action necessary to prevent further damage to the premises of the primary residence; and

(B) a lienholder or mortgagee who is not under investigation by an authorized agency;

in connection with the property loss described in subdivision (1).

As added by P.L.148-2017, SEC.8.

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