§ 27-1-12-42 — Group life insurance; conversion rights; notice; time to exercise rights

Indiana § 27-1-12-42

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

Text

(a) If a person who:
(1) is insured under a group life insurance policy delivered in
Indiana; and
(2) is entitled under the terms of the group policy to have an
individual policy of life insurance issued without evidence of
insurability upon the making of application and payment of the
first premium within the period specified in the policy;
is not given notice of the existence of the conversion right referred to
in subdivision (2) at least fifteen (15) days before the expiration of the
period during which the application and payment of the first premium
must be made under the terms of the policy, the person has an
additional period within which to exercise the conversion right.
(b) The additional period created under subsection (a) for exercise
of a right of conversion expires fifteen (15) days after the person is
given notice of the conversion right. However, irrespective of the date
on which notice is given or of the absence of any notice, the additional
period may not extend beyond sixty (60) days after the expiration date
of the period within which application and payment of the first
premium were to be made under the terms of the policy.
(c) For purposes of this section, notice of the right of conversion
may be given to the person in a writing:
(1) presented to the person;
(2) mailed by the policyholder to the last known address of the
person; or
(3) mailed by the insurer to the last known address of the person
as furnished by the policyholder.

Legislative History

As added by P.L.254-1985, SEC.6.