Indiana § 27-1-12-20 Premium deposits; maximum; inclusion in cash surrender value;
disposition; withdrawal

Indiana Statutes

§ 27-1-12-20 — Premium deposits; maximum; inclusion in cash surrender value; disposition; withdrawal

Indiana § 27-1-12-20

Title 27INSURANCE

Art. 1DEPARTMENT OF INSURANCE

Ch. 12Life Insurance Company Powers and Policy

This text of Indiana § 27-1-12-20 (Premium deposits; maximum; inclusion in cash surrender value; disposition; withdrawal) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 27-1-12-20 (2026).

Text

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

Free access — add to your briefcase to read the full text and ask questions with AI

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 1935, c.162, s.159.