CHAPTER 1. DEFINITIONS

IC 27-5.1
    ARTICLE 5.1. FARM MUTUAL INSURANCECOMPANIES

IC 27-5.1-1
    Chapter 1. Definitions

IC 27-5.1-1-1
Application
    Sec. 1. The definitions in this chapter apply throughout thisarticle.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-2
"Assessment"
    Sec. 2. "Assessment" means an amount or a policyholder's shareof an amount that a farm mutual insurance company determines isnecessary for any of the following:
        (1) To pay the farm mutual insurance company's accruedliabilities.
        (2) To meet or defray the farm mutual insurance company'santicipated needs.
        (3) To add to or restore the policyholder surplus of the farmmutual insurance company.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-3
"Certificate of authority"
    Sec. 3. "Certificate of authority" has the meaning set forth inIC 27-1-2-3(v).
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-4
"Commissioner"
    Sec. 4. "Commissioner" means the insurance commissionerappointed under IC 27-1-1-2.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-5
"Department"
    Sec. 5. "Department" means the department of insurance createdby IC 27-1-1-1.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-6
"Extended company"
    Sec. 6. "Extended company" means a farm mutual insurancecompany that is authorized to provide coverage as described inIC 27-5.1-4.
As added by P.L.129-2003, SEC.8.
IC 27-5.1-1-7
"Farm mutual insurance company"
    Sec. 7. "Farm mutual insurance company" means a company (asdefined in IC 27-1-2-3) that is authorized to provide insurancecoverage under this article.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-8
"First class city"
    Sec. 8. "First class city" refers to a first class city as classifiedunder IC 36-4-1-1.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-9
"Initial charge"
    Sec. 9. "Initial charge" means a charge that is collected by a farmmutual insurance company before or at the time of the issuance orrenewal of an insurance policy under this article.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-10
"Person"
    Sec. 10. "Person" means an individual or a business entity.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-11
"Policyholder"
    Sec. 11. "Policyholder" means a person who is insured by a farmmutual insurance company.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-12
"Policyholder surplus"
    Sec. 12. "Policyholder surplus" means the accumulated assets ofa farm mutual insurance company that exceed the farm mutualinsurance company's accrued losses and expenses.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-13
"Premium"
    Sec. 13. "Premium" means money given in consideration to a farmmutual insurance company on account of or in connection with aninsurance policy for a specified policy period.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-14
"Premium plus assessment"
    Sec. 14. "Premium plus assessment" refers to an insurance policyunder which the policyholder is:
        (1) obligated to pay a premium; and        (2) subject to potential assessment.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-15
"Principal office"
    Sec. 15. "Principal office" means the primary office maintainedby a farm mutual insurance company in Indiana.
As added by P.L.129-2003, SEC.8.

IC 27-5.1-1-16
"Standard company"
    Sec. 16. "Standard company" means a farm mutual insurancecompany that may provide insurance coverage under IC 27-5.1-3.The term does not include an extended company.
As added by P.L.129-2003, SEC.8.