Indiana Laws and Regulations for Life and Health
Insurance Sales
10 Days - ANS-Grace Period of a Health Insurance Policy
15 months - ANS-Late enrollees to group health plan may have predicting conditions excluded
for a maximum of
24 hours of CE during the two year renewal period - ANS-License Renewal and continuing
Education Requirements
24 years - ANS-Limiting Age of Dependent Children covered under Health Insurance
30 days - ANS-Medicare free-look period
31 Days - ANS-Grace Period for Group Health Policy
40 hours - ANS-Life and Health Pre-Licensing Education Requirement
A company that holds a certificate of authority and is authorized to do business in the state of
Indiana - ANS-Admitted Company
A Grace Period of not less than 30 days will be granted for the payment of every premium after
the first, allowing the insurance to continue in force throughout the 30 day period. The company
has the right to charge interest on premiums received during the Grace Period and if the insured
dies during this time period, the inpaid premium will be deducted from the death benefit. -
ANS-Grace Period
A license held by an insurance company giving them the right to market insurance in Indiana -
ANS-Certificate Authority
A Life insurance policy issued in Indiana must contain a provision allowing the policyowner to
return the contract to either the company, the Producer who sold the policy, or any agent of the
company, within 10 days after the policy delivery, for a full refund of all money paid. The notice
regarding the 10 Day Free Look must be printed prominently on the first page of the policy -
ANS-Right to Return the Policy
A nonprofit entity created to protect policyowners of an insolvent insurer by paying claims and
continuing coverage for policyholders. They will not pay more than $300,000 in total death
benefits for any one life. - ANS-Indiana Life and Health Guaranty Association
, A person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance.
Examples include:
A person who sells baggage insurance
A person who sells travel accident insurance in terminals
A Limited Lines Credit insurance producer
A person selling title insurance for real estate transactions
A person selling Credit Life or Credit Health insurance from a lending institution - ANS-Limited
Lines Producer
a person who on behalf of a viator and for a fee, commission, or other valuable consideration,
negotiates viatical settlement contracts between a viator and one or more viatical settlement
providers - ANS-Viatical Settlement Broker
A person who solicits, offers, or attempts to negotiate a viatical settlement contract with a viator
- ANS-Viatical Settlement agent
A policy will be incontestable (except for non-payment of premium) after it has been in force
during the lifetime of the insured for 2 years from from its date of issue - ANS-Incontestability
A pool of all companies who sell health insurance in Indiana. Was created by the state to
provide an avenue for high risk individuals to buy coverage at a more reasonable rate. The
premiums charged may not be higher than 150% of the average standard premium charged by
the state's 5 largest insurers. - ANS-Indiana Comprehensive Health Insurance Association
(ICHIA)
A producer has 63 days from the date the notice of violation is mailed by the Department of
Insurance to notify in writing of the demand for a hearing - ANS-Written Demand for a Hearing
A Producer holding a valid producer license from another state who moves to Indiana and
wishes to hold a resident producer license.
They will be exempt from any pre-licensing education and examination requirements if:
The application is made within 90 days of establishing residence in Indiana
The Producer is currently licensed in another state or cancelled the previous license not more
than 90 days prior to submitting the Indiana application
The producer submits a resident state insurance department clearance letter indicating that the
applicant is or was, at the time of cancellation, a licensee in good standing in that state.
The producer's original home state will extend the same privilege to Indiana Resident Producers
who relocate to that state - ANS-New Resident Producer
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