Sec. 1. As used in this chapter, "available insurance proceeds" means the proceeds payable under an insurance policy based upon a claim for damage to or loss of a building or other structure caused by fire or explosion, minus proceeds paid to: (1) the insured for emergency living expenses; (2) take emergency action necessary to secure the premises; (3) prevent further damage to the premises; or (4) a lienholder or mortgagee who is not the target of an investigation by an authorized agency (as defined in IC 27-2-13-1 ).
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