Indiana Code 27-1-12.8-7. “Contractholder behavior”
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Sec. 7. (a) As used in this chapter, “contractholder behavior” means an action taken by a contract holder, certificate holder, or another person possessing the right to elect options, including:
(2) withdrawal;
(1) lapse;
Terms Used In Indiana Code 27-1-12.8-7
- Contract: A legal written agreement that becomes binding when signed.
- contract: means a contract or a policy. See Indiana Code 27-1-12.8-6
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
(3) transfer;
(4) deposit;
(5) premium payment;
(6) loan;
(7) annuitization;
(8) benefit elections; and
(9) other options;
under the contract.
(b) As used in this chapter, “contractholder behavior” does not include events of mortality or morbidity resulting in benefits prescribed according to the terms of the contract.
As added by P.L.276-2013, SEC.10.