§ 27-1-12-40 — Group life insurance; premiums; spouse or dependent child coverage

Indiana § 27-1-12-40

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 12: Life Insurance Company Powers and Policy

Text

Except for a policy that conforms to the
description in section 37(2) of this chapter, a group life insurance
policy may be extended to insure the employees or members, or any
class or classes of employees or members, against loss due to the death
of their spouses and dependent children, subject to the following:
(1) The premium for the insurance must be paid either from funds
contributed by the employer, union, association, or other person
to whom the policy has been issued, from funds contributed by
the covered persons, or from both sources of funds. Except as
provided in subdivision (2), a policy on which no part of the
premium for the spouse's and dependent child's coverage is to be
derived from funds contributed by the covered persons must
insure all eligible employees or members, or any class or classes
of eligible employees or members, with respect to their spouses
and dependent children.
(2) An insurer may exclude or limit the coverage on any spouse
or dependent child as to whom evidence of individual insurability
is not satisfactory to the insurer.

Legislative History

As added by P.L.254-1985, SEC.4. Amended by P.L.111-2008, SEC.2.