Sec. 25. (a) In unusual cases, upon the agreement of the employer and the employee or his dependents, and the insurance carrier, and the approval of the worker's compensation board, compensation may be redeemed, in whole or in part, by the cash payment, in a lump sum, of the commutable value of the installments to be redeemed.
(b) The board may, at any time, in the case of permanently disabling injuries of a minor, require that he be compensated by the cash payment in a lump sum of the commutable value of the unredeemed installments of the compensation to which he is entitled.
(c) In all such cases, the commutable value of the future unpaid installments of compensation shall be the present value thereof, at the rate of three percent (3%) interest, compounded annually.
Formerly: Acts 1929, c.172, s.43; Acts 1937, c.214, s.4; Acts 1947, c.162, s.11. As amended by P.L.28-1988, SEC.31.
Structure Indiana Code
Article 3. Worker's Compensation System
Chapter 3. Worker's Compensation: Notice of Injury; Treatment; Compensation Schedule; Payments
22-3-3-1. Notice of Injury; Time
22-3-3-2. Notice of Injury; Contents; Signature
22-3-3-3. Limitation of Actions; Radiation
22-3-3-4. Medical Treatment Pending Adjudication of Impairment
22-3-3-4.5. Repackaged Drugs; Maximum Reimbursement Amount
22-3-3-4.7. Formulary; Reimbursement for "N" Drug
22-3-3-5.1. Collection of Medical Expense Payments; Civil Penalties; Good Faith Errors
22-3-3-5.2. Billing Review Service Standards
22-3-3-5.2-b. Billing Review Service Standards
22-3-3-6. Physical Examination; Physician's Statement; Autopsy
22-3-3-7. Temporary Disability Benefits; Installment Payments; Termination; Overpayment
22-3-3-7.5. Average Weekly Wages of Public Employee; Determination
22-3-3-8. Temporary Total Disability or Total Permanent Disability; Awards
22-3-3-9. Temporary Partial Disability; Awards
22-3-3-10-b. Injuries Schedule
22-3-3-11. Partial Disability; Refusing Employment; Notice
22-3-3-12. Subsequent Permanent Injuries; Aggravation; Awards
22-3-3-13. Second Injury Fund; Employee Compensation; Employer Assessments; Penalties
22-3-3-14. Subsequent Injuries; Two Awards
22-3-3-15. Subsequent Injuries; Awards; Extending Period of Payment
22-3-3-16. Death While Receiving Awards; Dependents; Payment
22-3-3-18. Death Resulting From Injuries; Award; Payment to Dependents
22-3-3-19. Presumptive Dependents; Termination of Dependency
22-3-3-20. Total or Partial Dependents; Eligibility; Termination
22-3-3-22. Awards; Computation
22-3-3-22-b. Awards; Computation
22-3-3-23. Mistake in Payments; Deductions; Payments to State Employees
22-3-3-25. Lump Sum Payments; Minors; Interest Rate
22-3-3-26. Lump Sum Payments; Trustees
22-3-3-27. Jurisdiction; Modification of Award
22-3-3-28. Children and Minors; Direct Payments
22-3-3-29. Injured Employee or Dependent Under Guardianship
22-3-3-30. Incompetent Persons; Limitation of Actions
22-3-3-31. Joint Service of Two or More Employers; Apportionment of Award