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 insuredagainst
    Sec. 1. Every policy or certificate hereafter issued by anyinsurance corporation of this state doing business on the assessmentplan, or any insurance corporation of any other state authorized to doan assessment insurance business in this state, and providing apayment to be made upon a contingency of death, sickness, disabilityor accident, shall specify the exact sum of money which it promisesto pay upon each contingency insured against, and the number ofdays after satisfactory proof of the happening of such contingency atwhich such payment shall be made, and upon the occurrence of suchcontingency, unless the contract shall have been voided for fraud orbreach of its conditions, the corporation shall be obligated to thebeneficiary for such payment at the time and to the amount specifiedin 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 settlementor by judgment of court, within thirty (30) days of its adjudication,shall constitute a forfeiture of the right of the delinquent corporationto further continue in business in this state, in the case of aninsurance corporation of another state, and in the case of aninsurance corporation of this state, it shall be the duty of theinsurance commissioner to report the facts to the attorney general,who shall immediately bring suit to close up the business of thedelinquent corporation. Nothing in this chapter shall be construed asaffecting 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.