760 IAC 1-48-5 Criteria for payment

Sec. 5. The following criteria for payment apply: (1) Contract payment options shall include the option to take the benefit as a lump sum. The benefit shall not be made available as an annuity contingent upon the life of the insured. (2) No restrictions are permitted on the use of the proceeds. (3) If any death benefit remains after payment of an accelerated benefit, the accidental death benefit provision, if any, in the policy or rider shall not be affected by the payment of the accelerated benefit.