§ 27-8-4-11 — Debtor's choice of insurer; use of existing policies

When life insurance or accident and health
insurance is required as additional security for any indebtedness, the
debtor shall have the option of furnishing the required amount of
insurance through existing policies of insurance owned or controlled
by him or of procuring and furnishing the required coverage through
any insurer authorized to transact an insurance business within this
state. As used in this section, "life insurance" and "accident and health
insurance" includes any form and any amount of life insurance or
accident and health insurance that affords security to the creditor for
the indebtedness involved.
Formerly: Acts 1961, c.47, s.11.