Terms Used In Indiana Code > Title 27 > Article 1 > Chapter 26 - Policy Language Simplification

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Commissioner: refers to the insurance commissioner. See Indiana Code 27-1-26-1
• Contract: A legal written agreement that becomes binding when signed.
• Department: refers to the insurance department. See Indiana Code 27-1-26-1
• 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
• insurer: means a life or health insurance company, fraternal benefit society, prepaid health plan, dental care plan, vision care plan, pharmaceutical plan, health maintenance organization, and all similar type organizations. See Indiana Code 27-1-26-1
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• policy form: means :

  Indiana Code 27-1-26-1

• Text: means all printed matter except the following:

  Indiana Code 27-1-26-1