Terms Used In Indiana Code > Title 27 > Article 1 > Chapter 12.3 - Interest Rates on Insurance Policy Loans

• 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.
• Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
• Contract: A legal written agreement that becomes binding when signed.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
• Insurer: means an entity issuing a policy. See Indiana Code 27-1-12.3-1
• interest rate: means the rate of interest on policy loans, including the rate of interest charged on reinstatement of policy loans for the period during and after any lapse. See Indiana Code 27-1-12.3-1
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• 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
• Policy: means :

  Indiana Code 27-1-12.3-1

• Policy loan: means :

  Indiana Code 27-1-12.3-1

• Policyholder: includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer. See Indiana Code 27-1-12.3-1
• 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
• Published monthly average: means :

  Indiana Code 27-1-12.3-1

• Statute: A law passed by a legislature.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5