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 Indiana Administrative Code (Last Updated: December 20, 2016)
 Title 760. DEPARTMENT OF INSURANCE
 Article 760IAC1. GENERAL PROVISIONS
 Rule 760IAC1-48. Standards for Accelerated Benefit Provisions of Individual and Group Life Insurance Policies and Required Disclosure

  Section 760IAC1-48-5. Criteria for payment  

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  •    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.

    (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 Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA)