A claim is a covered claim if:
(1) the claim is an unpaid claim;
(2) the claim is made under an insurance policy to which this chapter applies that is:
(A) issued by an insurer authorized to engage in business in this state; or
(B) assumed by an insurer authorized to engage in business in this state that issues an assumption certificate to the insured;
(3) the claim arises out of the policy and is within the coverage and applicable limits of the policy;
(4) the insurer that issued the policy or assumed the policy under an assumption certificate issued to the insured is an impaired insurer; and
(5) the claim:
(A) is made by a liability claimant or insured who is a resident of this state at the time of the insured event; or
(B) is a first-party claim for damage to property that is permanently located in this state.