Indiana Code 27-1-12-43. Life insurance provision allowing for right to return policy
(1) an individual life insurance policy other than a credit life insurance policy; or
Terms Used In Indiana Code 27-1-12-43
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- policyholder: means one who is a holder of a contract of insurance in an insurance company. See Indiana Code 27-1-2-3
that is sold after June 30, 1994.
(b) No life insurance policy may be issued in Indiana or issued for delivery in Indiana unless it contains a provision allowing the policyholder to return the policy to:
(1) the insurer;
(2) the insurance producer through whom the policy was purchased; or
(3) any agent of the insurer;
within ten (10) days after the policy is received by the policyholder for a full refund of all money paid by the policyholder.
(c) Each life insurance policy must have prominently printed on its first page a notice setting forth in substance the provisions of subsection (b).
As added by P.L.116-1994, SEC.25. Amended by P.L.178-2003, SEC.16.