Indiana Code Title 27, Article 1

What this document is

Indiana Code Title 27, Article 1 - Life Insurance Company Powers and Policy Requirements, Nonforfeiture Provisions of Annuity Contracts, and General Provisions of Annuity Contracts (IC 27-1-12, 27-1-12.5, 27-1-12.6) is a state statute published by iga.in.gov. It is one of the Indiana documents that insurance license exam questions are written from, including indiana life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Ind. Code tit. 27 § 27-1-12.5-2(a)(2) (annuity cash surrender benefit; deferral of payment)

  “(2) If an annuity contract provides for a lump sum settlement at maturity, or at any other time, that upon surrender of the contract at or prior to the commencement of any annuity payments, the company shall pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is...”

• Ind. Code tit. 27 § 27-1-12-6(a)(2) (grace period in required life policy provisions)

  “(2) For a grace period of not less than thirty (30) days for the payment of every premium after the first premium, which may be subject to an interest charge, during which period the insurance shall continue in force; provided, that if the insured shall die within such period of grace the unpaid...”

• Ind. Code tit. 27 § 27-1-12-6(a)(3) (entire contract; incontestability)

  “(3) That the policy, together with the application therefor, a copy of which application shall be attached to the policy and made a part thereof, shall constitute the entire contract between the parties and shall be incontestable after it shall have been in force during the lifetime of the insured...”

• Ind. Code tit. 27 § 27-1-12-6(a)(4) (misstatement of age)

  “(4) That if the age of the insured and/or beneficiary, if that age enters into the determination of the premiums charged or benefits promised, has been misstated, the amount payable under the policy shall be such as the premium would have purchased at the correct age of the insured and/or beneficiary.”

• Ind. Code tit. 27 § 27-1-12.6-4 (General Provisions of Annuity Contracts: Automatic Payments)

  “An annuity contract shall not contain a provision wherein life insurance premium or annuity consideration payments may be automatically made by the company by withdrawing from or placing a loan against annuity nonforfeiture values provided under the contract.”

• Ind. Code tit. 27 § 27-1-12.5-2(a)(2) (Nonforfeiture Provisions of Annuity Contracts: Cash Surrender Benefit)

  “The company may reserve the right to defer the payment of such cash surrender benefit for a period of not more than six (6) months after demand therefor with surrender of the contract but only after: (A) submitting to the commissioner a written request that addresses the: (i) necessity of the...”

• Ind. Code tit. 27 § 27-1-12-6(a)(9) (Required Policy Provisions: Reinstatement)

  “(9) That, should there have been default in premium payment and the value of the policy applied to the extension of the insurance, and such insurance be in force and the original policy not surrendered to the company and canceled, the policy may be reinstated within three (3) years from the due...”

• Indiana Code Title 27, Article 1 - Life Insurance Company Powers and Policy Requirements, Ind. Code § 27-1-12-15(a)

  “Sec. 15. (a) Any person who is not of the full age of Eighteen (18) years but who is of the age, as determined by the nearest birthday, of not less than sixteen (16) years, shall be deemed competent to contract for life, accident and sickness insurance or annuities upon the life of such minor for...”

• Indiana Code Title 27, Article 1 - Life Insurance Company Powers and Policy Requirements, Ind. Code § 27-1-12-14(f)

  “(f) A premium paid for an individual life insurance policy that names as a beneficiary, or is legally assigned to, a spouse, child, or relative who is dependent upon the policy owner is not exempt from the claims of the creditors of the policy owner if the premium is paid: (1) not more than one (1)...”

• Indiana Code Title 27, Article 1 - Life Insurance Company Powers and Policy Requirements, Ind. Code § 27-1-12-46(a), (b)

  “Sec. 46. (a) This section applies to a life insurance policy or certificate: (1) that is issued after June 30, 2015; (2) the proceeds of which may be designated for use in the purchase of funeral services or merchandise upon the death of the insured; and (3) the ownership of which is not...”

• Indiana Code Title 27, Article 1 - Life Insurance Company Powers and Policy Requirements, Ind. Code § 27-1-12-43(b), (c)

  “(b) No life insurance policy may be issued in Indiana or issued for delivery in Indiana unless it contains a provision allowing the policyholder to return the policy to: (1) the insurer; (2) the insurance producer through whom the policy was purchased; or (3) any agent of the insurer; within ten...”

• Indiana Code Title 27, Article 1 - Life Insurance Company Powers and Policy Requirements, Ind. Code § 27-1-12-44

  “Sec. 44. (a) This section applies to a life insurance policy that is issued after June 30, 2008. (b) Notwithstanding any other law, an insurer shall not, after a life insurance policy has been in force for two (2) years after the life insurance policy's date of issue, allege that the life insurance...”

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