Go to Previous Versions of this Section
  1. 2024 Indiana Code (here)
  2. 2023 Indiana Code
  3. 2022 Indiana Code
  4. View All Versions

2024 Indiana Code
Title 27. Insurance
Article 1. Department of Insurance
Chapter 12. Life Insurance Company Powers and Policy Requirements
27-1-12-43. Life Insurance Provision Allowing for Right to Return Policy

Universal Citation:
IN Code § 27-1-12-43 (2024)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
Previous Next

Sec. 43. (a) As used in this section, "life insurance policy" means:

(1) an individual life insurance policy other than a credit life insurance policy; or

(2) an individual policy of variable life insurance;

that is sold after June 30, 1994.

(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 (10) days after the policy is received by the policyholder for a full refund of all money paid by the policyholder.

(c) Each life insurance policy must have prominently printed on its first page a notice setting forth in substance the provisions of subsection (b).

As added by P.L.116-1994, SEC.25. Amended by P.L.178-2003, SEC.16.

Previous Next
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.