CHAPTER 2. ASSESSMENT POLICY.SPECIFIED PAYMENT
IC 27-8-2
Chapter 2. Assessment Policy.Specified Payment
IC 27-8-2-1
Specification of exact payment upon each contingency insured
against
Sec. 1. Every policy or certificate hereafter issued by any
insurance corporation of this state doing business on the assessment
plan, or any insurance corporation of any other state authorized to do
an assessment insurance business in this state, and providing a
payment to be made upon a contingency of death, sickness, disability
or accident, shall specify the exact sum of money which it promises
to pay upon each contingency insured against, and the number of
days after satisfactory proof of the happening of such contingency at
which such payment shall be made, and upon the occurrence of such
contingency, unless the contract shall have been voided for fraud or
breach of its conditions, the corporation shall be obligated to the
beneficiary for such payment at the time and to the amount specified
in the policy or certificate.
(Formerly: Acts 1901, c.214, s.1.)
IC 27-8-2-2
Failure to pay amount specified; proceedings to close business
Sec. 2. Failure to pay the amount, whether in friendly settlement
or by judgment of court, within thirty (30) days of its adjudication,
shall constitute a forfeiture of the right of the delinquent corporation
to further continue in business in this state, in the case of an
insurance corporation of another state, and in the case of an
insurance corporation of this state, it shall be the duty of the
insurance commissioner to report the facts to the attorney general,
who shall immediately bring suit to close up the business of the
delinquent corporation. Nothing in this chapter shall be construed as
affecting any organization doing business under IC 27-11.
(Formerly: Acts 1901, c.214, s.2.) As amended by P.L.252-1985,
SEC.274; P.L.3-1990, SEC.98.