Iowa Code 87.9 – Policy clauses required
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Terms Used In Iowa Code 87.9
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
Every policy shall provide that the worker shall have a first lien upon any amount becoming due on account of such policy to the insured from the insurer, and that in case of the legal incapacity, inability, or disability of the insured to receive the amount due and pay it over to the insured worker, or the worker’s dependents, said insurer shall pay the same directly to such worker, the worker’s agent, or to a trustee for the worker or the worker’s dependents, to the extent of any obligation of the insured to said worker or the worker’s dependents.