Indiana Code 27-8-19.8-9.2. Insurance producer remuneration
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Sec. 9.2. An insurance producer that:
(2) sells a life insurance policy or contract that, less than two (2) years after the insurance producer sells the policy or contract, is the subject of a viatical settlement contract;
(1) is licensed under IC 27-1-15.6; and
Terms Used In Indiana Code 27-8-19.8-9.2
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- viatical settlement contract: means an agreement for the purchase, sale, assignment, transfer, devise, or bequest of a portion of the death benefit or ownership of a life insurance policy or contract for consideration that is less than the expected death benefit of the life insurance policy or contract. See Indiana Code 27-8-19.8-6
shall not accept a commission or other remuneration in connection with the viatical settlement contract.
As added by P.L.223-2005, SEC.5.