Indiana Code 27-2-22-6. “Retained asset account”
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Sec. 6. As used in this chapter, “retained asset account” means a mechanism through which the settlement of proceeds payable under a policy occurs by the insurer‘s deposit of the proceeds into a checking or draft account:
(2) under a contract that is supplemental to the policy and does not involve annuity benefits.
(1) in which the proceeds are retained by the insurer; and
Terms Used In Indiana Code 27-2-22-6
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- insurer: means an insurance company that issues a policy. See Indiana Code 27-2-22-4
- policy: means a policy or certificate that provides the kind of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-2-22-5
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
As added by P.L.67-2011, SEC.1.