§ 27-1-12-15 — Competency of certain minors to contract for insurance and receive payments

(a) Any person who is not of the full age of
Eighteen (18) years but who is of the age, as determined by the nearest
birthday, of not less than sixteen (16) years, shall be deemed competent
to contract for life, accident and sickness insurance or annuities upon
the life of such minor for the benefit of such minor or for the benefit of
the father, mother, husband, wife, brother or sister, child or children,
or any grandparent of such minor, and to exercise and enjoy every
right, privilege and benefit provided by any such contracts on the life
of such minor, subject to the foregoing limitations as to the designation
of beneficiary.
(b) No person who shall have attained the age of eighteen (18) years
is incompetent because of age to contract for any of the kinds of
insurance described in Class 1 of IC 27-1-5-1, or to exercise and enjoy
every right, privilege and benefit provided by any such Contract.
(c) No person who shall have attained the age of eighteen (18) years
is incompetent because of age to receive and to give full acquittance
and discharge for payments made to such person by a life insurance
company under the provisions of a contract of insurance of any of the
kinds described in Class 1 of IC 27-1-5-1, or under the provisions of a
settlement agreement executed in connection with any such contract of
insurance.
Formerly: Acts 1935, c.162, s.155a; Acts 1961, c.203, s.1; Acts
1971, P.L.383, SEC.1; Acts 1973, P.L.275, SEC.1. As amended by
P.L.86-2018, SEC.203.