Indiana Code 27-2-23-12. Insurer duty related to possible death
(1) Complete and document a good faith effort to confirm the death of the person against other available records and information.
Terms Used In Indiana Code 27-2-23-12
- annuity: refers to an annuity contract issued in Indiana after June 30, 2015. See Indiana Code 27-2-23-4
- 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.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- person: refers to an insured, annuity owner, annuitant, or a retained asset account owner. See Indiana Code 27-2-23-8
- policy: means a policy or certificate issued in Indiana after June 30, 2015, that provides the kind of insurance described in Class 1 of IC 27-1-5-1. See Indiana Code 27-2-23-9
- retained asset account: refers to a retained asset account that is issued in Indiana after June 30, 2015. See Indiana Code 27-2-23-10.2
(3) Determine whether benefits may be due under a policy, annuity, or retained asset account.
(4) If the beneficiary or authorized representative under a policy, annuity, or retained asset account has not communicated with the insurer before the expiration of the ninety (90) day period, complete and document a good faith effort to locate and contact the beneficiary or authorized representative, including sending to the beneficiary or authorized representative information concerning the:
(A) insurer’s claim process; and
(B) need to provide a certified original or copy of the death certificate, if applicable under the policy, annuity, or retained asset account.
As added by P.L.90-2014, SEC.1.