§ 27-8-3-14 — Specification of amount payable upon particular contingency; obligation for payment; suspension of right to issue new policies until payment made

Every policy or certificate issued after March
9, 1897, by any corporation, association, or society doing business
under this chapter and promising payment to be made upon a
contingency of death or physical disability shall specify the sum of
money which it promises to pay under such contingency, and the
number of days after satisfactory proof of the happening thereof on
which such payment shall be made. Upon the occurrence of such
contingency, unless the contract shall have been avoided by fraud, or
by breach of its conditions, the corporation, association, or society shall
be obligated to the beneficiary for such payment, at the time and to the
amount specified in the policy or certificate. If such corporation,
association, or society shall refuse or fail to make such payment for
sixty (60) days after final judgment has been obtained against such
claim, the insurance commissioner shall notify the corporation,
association, or society not to issue any new policies or certificates until
such indebtedness is fully paid; and no officer or agent of the
corporation, association, or society shall make, sign, or issue any policy
or certificate of insurance while such notice is in force.
Formerly: Acts 1897, c.195, s.14. As amended by P.L.252-1985,
SEC.286.