(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:(1) the insurer;(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.
Indiana Legal Code