Ind. Code § 27-8-1-7
Restriction on kinds of certificates; expenses; segregation of expense and mortuary funds
Indiana · Indiana Code Title 27 — Insurance · Status: effective
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- Citation
- Ind. Code § 27-8-1-7, Restriction on kinds of certificates; expenses; segregation of expense and mortuary funds, Indiana, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1663729
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Full text
Sec. 7. No corporation, association, or society organized under the provisions of this chapter shall issue endowment certificates or policies undertaking or promising to pay members during life, except for accident or temporary illness, any stipulated sum of money. The expenses of such corporation, association, or society shall be provided for by admission fees, and either fixed annual payments or assessments made and designated to be for such expenses, and no part of the expense fund shall in any case be used to pay death claims, and no part of the mortuary fund shall in any case be used to pay expenses.