Sec. 10. Benefit contracts issued on the lives of persons below the society's minimum age for adult membership may provide for transfer of control of ownership to the insured at an age specified in the certificate. A society may require approval of an application for membership in order to effect this transfer and may provide in all other respects for the regulation, government, and control of certificates and all rights, obligations, and liabilities incident to a benefit contract. Ownership rights before a transfer shall be specified in the certificate.
As added by P.L.262-1985, SEC.1.
Structure Indiana Code
Article 11. Fraternal Benefit Societies
Chapter 6. Contractual Benefits
27-11-6-1. Contractual Benefits
27-11-6-4. Issuance of Certificate to Owner of Benefit Contract
27-11-6-6. Issuance of Benefit Contract Upon Life of a Minor
27-11-6-8. Copies of Documents as Evidence of Terms and Conditions
27-11-6-9. Filing of Copy of Certificate With Commissioner; Contents of Certificate