IC 27-2-24-4: "Final settlement"

Sec. 4. (a) As used in this chapter, "final settlement" means a determination:

(1) of the amount owed to an innocent coinsured by an insurer:

(A) under the building coverage part of a policy of property or casualty insurance; and

(B) for property loss to the innocent coinsured's primary residence; and

(2) made by any of the following methods:

(A) Acceptance of a proof of loss by the insurer.

(B) Execution of a release by the innocent coinsured.

(C) Acceptance of an arbitration award by the innocent coinsured and the insurer.

(D) Judgment of a court of competent jurisdiction.

(b) The term "final settlement" does not apply to damage or loss related to contents, personal property, or another loss that is not covered under the building coverage part of a policy of property or casualty insurance.