Indiana Code 27-1-12.7-1. “Funding agreement”
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Sec. 1. As used in this chapter, “funding agreement” means an agreement that:
(2) authorizes a life insurance company to accept funds; and
(1) is issued by a life insurance company to a holder;
Terms Used In Indiana Code 27-1-12.7-1
- funding agreement: means an agreement that:
Indiana Code 27-1-12.7-1
- holder: means a person described in section 5 of this chapter that is issued a funding agreement by a life insurance company. See Indiana Code 27-1-12.7-2
- 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
- life insurance company: means a life insurance company authorized to issue a product described in Class 1(c) of IC 27-1-5-1. See Indiana Code 27-1-12.7-3
(3) provides for an accumulation of the funds for the purpose of making one (1) or more payments at future dates in amounts that are not based on mortality or morbidity contingencies of the holder of the funding agreement.
As added by P.L.178-2003, SEC.18.