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
Article 8. Life, Accident, and Health
Chapter 3. Mutual Life and Accident─formation
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
27-8-3-16. Examination at Request of Corporation; Certificate of Results; Expense
27-8-3-18. Attorney General; Exclusive Power to Apply for Accounting, Injunction, or Receivership
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
27-8-3-26. Exempt Organizations
27-8-3-27. Legal Reserves; Compulsory Deposits; Filing of Forms; Exceptions