Sec. 14. (a) In order to provide for full and fair disclosure in the sale of
Medicare supplement policies, a
Medicare supplement policy or
certificate may not be delivered in Indiana unless an outline of coverage is delivered to the
applicant at the time application is made.
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Terms Used In Indiana Code 27-8-13-14
- applicant: means :
Indiana Code 27-8-13-5
- certificate: means a certificate:
Indiana Code 27-8-13-6
- issuer: includes :
Indiana Code 27-8-13-7.3
- medicare: means Title XVIII of the federal Social Security Act (Indiana Code 27-8-13-1
- Medicare supplement policy: means a group or individual policy of accident and sickness insurance or a subscriber contract of health maintenance organizations that is advertised, marketed, or designed primarily as a supplement to reimbursements under Medicare for the hospital, medical, or surgical expenses of persons eligible for Medicare benefits. See Indiana Code 27-8-13-3
(1) A description of the principal benefits and coverage provided in the policy.
(2) A statement of the renewal provisions, including a reservation by the issuer of a right to change premiums, and a disclosure of the existence of any automatic premium increases based on the policyholder’s age.
(3) A statement that the outline of coverage is a summary of the policy issued or applied for and that the policy should be consulted to determine governing contractual provisions.
As added by P.L.255-1989, SEC.11. Amended by P.L.126-1992, SEC.11.
