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Indiana Code Title 27. Insurance § 27-2-28-6

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 6. (a) As used in this chapter, “material change” means:

(1) an increase of more than ten percent (10%) over the expiring premium for;  or

(2) another adverse or unfavorable change in the terms of coverage or amount of;

insurance in connection with a personal automobile or homeowner's policy.

(b) The term does not include the following:

(1) An increase in the insurer's filed rate plan and automatic inflationary increases.

(2) An additional premium due to a change initiated by the insured, such as:

(A) adding or removing vehicles or drivers;

(B) adding an endorsement;

(C) adding additional coverages;

(D) adding covered premises;  or

(E) increasing coverage limits or deductibles.

(3) An additional premium due to a change in risk exposure as a result of the insured's participation in a usage based or telematics insurance program.

(4) Changes resulting from a property inspection.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-2-28-6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-2-28-6/

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