§ 27-8-19.8-21 — Required terms of viatical settlement contract

Indiana § 27-8-19.8-21

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 19.8: Viatical Settlements

Text

(a) A viatical settlement contract must
establish the terms under which the viatical settlement provider will
pay value, in return for the viator's assignment, bequest, devise, sale,
or transfer of the death benefit, certificate, or ownership of the
insurance policy to the viatical settlement provider.
(b) A viatical settlement contract must provide for the unconditional
rescission of the contract by the viator for the longer of the following:
(1) the period ending not more than fifteen (15) days after the
receipt of the viatical settlement proceeds by the viator; or
(2) the period ending not more than thirty (30) days after
execution of the contract.
(c) A viatical settlement contract is rescinded if the insured dies
during the rescission period, subject to repayment to the viatical
settlement provider of all proceeds and any premiums, loans, and loan
interest that have been paid by the viatical settlement provider.

Legislative History

As added by P.L.130-1994, SEC.47 and P.L.116-1994, SEC.70. Amended by P.L.32-1998, SEC.22; P.L.223-2005, SEC.6.