Indiana Code 27-11-6-1. Contractual benefits
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Sec. 1. (a) A society may provide the following contractual benefits in any form:
(2) Endowment benefits.
(1) Death benefits.
Terms Used In Indiana Code 27-11-6-1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(3) Annuity benefits.
(4) Temporary or permanent disability benefits.
(5) Hospital, medical, or nursing benefits.
(6) Monument or tombstone benefits to the memory of deceased members.
(7) Such other benefits as authorized for life insurers and that are not inconsistent with this chapter.
(b) A society shall specify in its rules those persons who may be issued or covered by the contractual benefits in subsection (a), consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
As added by P.L.262-1985, SEC.1.