Section 27-1-12-43 - Life insurance provision allowing for right to return policy(a) As used in this section, "life insurance policy" means: (1) an individual life insurance policy other than a credit life insurance policy; or(2) an individual policy of variable life insurance; that is sold after June 30, 1994.
(b) No life insurance policy may be issued in Indiana or issued for delivery in Indiana unless it contains a provision allowing the policyholder to return the policy to: (2) the insurance producer through whom the policy was purchased; or(3) any agent of the insurer; within ten (10) days after the policy is received by the policyholder for a full refund of all money paid by the policyholder.
(c) Each life insurance policy must have prominently printed on its first page a notice setting forth in substance the provisions of subsection (b).As added by P.L. 116-1994, SEC.25. Amended by P.L. 178-2003, SEC.16.