Indiana Code
Chapter 3. Mutual Life and Accident─formation
27-8-3-14. Specification of Amount Payable Upon Particular Contingency; Obligation for Payment; Suspension of Right to Issue New Policies Until Payment Made

Sec. 14. Every policy or certificate issued after March 9, 1897, by any corporation, association, or society doing business under this chapter and promising payment to be made upon a contingency of death or physical disability shall specify the sum of money which it promises to pay under such contingency, and the number of days after satisfactory proof of the happening thereof on which such payment shall be made. Upon the occurrence of such contingency, unless the contract shall have been avoided by fraud, or by breach of its conditions, the corporation, association, or society shall be obligated to the beneficiary for such payment, at the time and to the amount specified in the policy or certificate. If such corporation, association, or society shall refuse or fail to make such payment for sixty (60) days after final judgment has been obtained against such claim, the insurance commissioner shall notify the corporation, association, or society not to issue any new policies or certificates until such indebtedness is fully paid; and no officer or agent of the corporation, association, or society shall make, sign, or issue any policy or certificate of insurance while such notice is in force.
Formerly: Acts 1897, c.195, s.14. As amended by P.L.252-1985, SEC.286.

Structure Indiana Code

Indiana Code

Title 27. Insurance

Article 8. Life, Accident, and Health

Chapter 3. Mutual Life and Accident─formation

27-8-3-1. Authority to Incorporate; Purposes; Articles of Incorporation; Initial Applications; Approval and Filing Documents; License

27-8-3-2. Corporate Powers

27-8-3-3. Directors, Trustees, or Managers

27-8-3-4. Determination of Fee Rates and Amount of Premiums, Assessments, or Periodical Calls; Risks

27-8-3-5. Reincorporation of Domestic Assessment Plan Companies; Exceptions

27-8-3-6. Application of Chapter to Assessment Plan Companies; Exceptions

27-8-3-7. Accumulation of Reserve or Emergency Fund; Investment; Additional Funds; Use of Excess

27-8-3-8. Assignment of Policy to Person Without Insurable Interest Void

27-8-3-9. Annual Report; Failure to File Report and Pay Fees; Suspension From Doing Business

27-8-3-10. Accident Insurance Business on Assessment Plan

27-8-3-11. Reserve Emergency Fund

27-8-3-12. Report of Affairs and Operations; Suspension for Failure to File

27-8-3-13. Authority to Deposit Securities; Investment of Reserve Funds

27-8-3-14. Specification of Amount Payable Upon Particular Contingency; Obligation for Payment; Suspension of Right to Issue New Policies Until Payment Made

27-8-3-15. Transfer or Reinsurance of Risks; Approval; Notice of Preference for Transfer to Different Corporation

27-8-3-16. Examination at Request of Corporation; Certificate of Results; Expense

27-8-3-17. Visitation and Inspection; Insolvency or Improper Business Practices; Report; Order to Show Cause for Termination of Business

27-8-3-18. Attorney General; Exclusive Power to Apply for Accounting, Injunction, or Receivership

27-8-3-19. Foreign Corporations; Requirements for Authority to Do Business; Revocation of Authority; Retaliation Clause

27-8-3-20. Foreign Corporations; Service of Process

27-8-3-21. Fraudulent Representations; Offenses

27-8-3-22. Eligible Beneficiaries; Change of Beneficiary

27-8-3-23. Exemption of Benefits and Premiums From Judicial Process

27-8-3-24. Violations; Revocation of Power to Do Business

27-8-3-25. Fees

27-8-3-26. Exempt Organizations

27-8-3-27. Legal Reserves; Compulsory Deposits; Filing of Forms; Exceptions