Indiana Statutes
§ 27-1-12-20 — Premium deposits; maximum; inclusion in cash surrender value; disposition; withdrawal
Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 12 Life Insurance Company Powers and Policy
No life insurance company shall receive or
accept, by virtue of the provisions set forth in any policy or
indorsement thereon, any premium deposit in excess of the regular
premium then due whenever the total premium deposit together with
the policy reserve shall be sufficient as a gross premium to convert the
policy into a fully paid policy. The policy or indorsement shall contain
a provision that the amount of any premium deposit fund held by the
company will be included as a part of the cash surrender value of the
policy, a provision providing for the disposition of such fund if it is not
sufficient to pay the next premium, and a provision that such fund is
not withdrawable except by surrender of the policy, a loan thereon or
through the selection of a nonforfeiture value.
Formerly: Acts
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Nearby Sections
15
§ 27-1-1-1
Creation; functions§ 27-1-1-2
Insurance commissioner§ 27-1-1-3
Personnel§ 27-1-1-4
Repealed§ 27-1-1-5
Repealed§ 27-1-1.5-10
"Annual Statement Blank"§ 27-1-1.5-11
"Annual Statement Instructions"§ 27-1-1.5-12
"Current Dental Terminology"; "CDT"§ 27-1-1.5-13
"Current Procedural Terminology"; "CPT"§ 27-1-1.5-15
"Financial Analysis Handbook"§ 27-1-1.5-16
"Financial Condition Examiner's Handbook"§ 27-1-1.5-18
"Healthcare Common Procedure Coding System"; "HCPCS"