Terms Used In Indiana Code 27-1-12.3-6

• Contract: A legal written agreement that becomes binding when signed.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
• Policyholder: includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer. See Indiana Code 27-1-12.3-1