§ 27-8-13-20 — Refund of unused premiums

Indiana § 27-8-13-20

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 13: Medicare Supplement Insurance

Text

(a) All Medicare supplement policies issued
for delivery in Indiana after June 30, 1990, must provide for the refund
of unused premiums upon the death of the insured during the contract
period.
(b) The amount of premium refund shall be prorated from the date
following the date of death of the insured to the end of the contract
period for which the premium has been paid.
(c) The refund required by this section shall be paid as follows:
(1) If a person other than the insured paid the premium, to that
person. A person entitled to a refund under this subdivision must
provide proof of payment to the insurer.
(2) If the insured paid the premium, to the surviving spouse of the
insured. If there is no surviving spouse, the premium shall be paid
in the same manner as distributions of the net estate of a person
who dies intestate under IC 29-1-2-1(d).
(d) A person entitled to receive a refund under this section must do
the following:
(1) Submit a written request for the refund.
(2) Furnish proof of the insured's death.

Legislative History

As added by P.L.151-1990, SEC.2.