§ 27-8-5-22 — Refund of unused premiums

Indiana § 27-8-5-22

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 5: Accident and Sickness Insurance─Policy Provisions

Text

(a) All individual policies of accident and
sickness insurance 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
furnish 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). A parent disqualified
under IC 29-1-2-1(e) from receiving an intestate share of the
parent's child's estate is not entitled to a refund under this section
of insurance premiums paid by the child.
(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.
(e) This section does not affect the rights of a dependent under a
policy covered by this section to obtain a conversion policy upon the
death of the insured.

Legislative History

As added by P.L.151-1990, SEC.1. Amended by P.L.101-2008, SEC.4.