§ 27-1-12-43 — Life insurance provision allowing for right to return policy

Indiana § 27-1-12-43

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

Text

(a) As used in this section, "life insurance
policy" means:
(1) an individual life insurance policy other than a credit life
insurance policy; or
(2) an individual policy of variable life insurance;
that is sold after June 30, 1994.
(b) No life insurance policy may be issued in Indiana or issued for
delivery in Indiana unless it contains a provision allowing the
policyholder to return the policy to:
(1) the insurer;
(2) the insurance producer through whom the policy was
purchased; or
(3) any agent of the insurer;
within ten (10) days after the policy is received by the policyholder for
a full refund of all money paid by the policyholder.
(c) Each life insurance policy must have prominently printed on its
first page a notice setting forth in substance the provisions of
subsection (b).

Legislative History

As added by P.L.116-1994, SEC.25. Amended by P.L.178-2003, SEC.16.