Statutes, codes, and regulations
Indiana Administrative Code
Title 760 - DEPARTMENT OF INSURANCEArticle 1 - GENERAL PROVISIONS
Rule 760 IAC 1-48 - Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure
Section 760 IAC 1-48-5 - Criteria for payment

760 Ind. Admin. Code 1-48-5

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Current through December 12, 2024
Section 760 IAC 1-48-5 - Criteria for payment

Authority: IC 27-1-3-7

Affected: IC 27-1-12

Sec. 5.

The following criteria for payment apply:

(1) Contract payment options shall include the option to take the benefit as a lump sum. The benefit shall not be made available as an annuity contingent upon the life of the insured.
(2) No restrictions are permitted on the use of the proceeds.
(3) If any death benefit remains after payment of an accelerated benefit, the accidental death benefit provision, if any, in the policy or rider shall not be affected by the payment of the accelerated benefit.

760 IAC 1-48-5

Department of Insurance; 760 IAC 1-48-5; filed Feb 23, 1993, 5:00 p.m.: 16 IR 1822; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA
Readopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA