§ 27-8-2-1 — Specification of exact payment upon each contingency insured against

Every policy or certificate issued by any
insurance corporation of this state doing business on the assessment
plan, or any insurance corporation of any other state authorized to do
an assessment insurance business in this state, and providing a payment
to be made upon a contingency of death, sickness, disability or
accident, shall specify the exact sum of money which it promises to pay
upon each contingency insured against, and the number of days after
satisfactory proof of the happening of such contingency at which such
payment shall be made, and upon the occurrence of such contingency,
unless the contract shall have been voided for fraud or breach of its
conditions, the corporation shall be obligated to the beneficiary for
such payment at the time and to the amount specified in the policy or
certificate.
Formerly: Acts 1901, c.214, s.1. As amended by P.L.136-2018,
SEC.190.