Section 27-2-24-3 - "Available insurance proceeds" 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).
Added by P.L. 148-2017,SEC. 8, eff. 7/1/2017.