Insurance transactions
Sec. 7. (a) Language conferring general authority with respect to
insurance transactions means the principal authorizes the attorney in
fact to do the following:
(1) Continue, pay the premium or assessment on, modify,
rescind, release, or terminate a contract of life, accident, health,
or disability insurance or for the provision of health care
services or any combination of these contracts procured by or
on behalf of the principal before the granting of the power of
attorney that insures the principal or another person, without
regard to whether the principal is or is not a beneficiary under
the contract.
(2) Procure new, different, or additional contracts of life,
accident, health, or disability insurance for the principal or for
the provision of health care services for the principal, and select
the amount, type of insurance, and mode of payment under each
contract, pay the premium or assessment on, modify, release, or
terminate a contract procured by the attorney in fact, and
designate the beneficiary under the contract.
(3) Apply for and receive any available loan on the security of
the contract of insurance, whether for the payment of the
premium or for the procuring of cash, surrender and receive the
cash surrender value, exercise an election as to beneficiary or
mode of payment, change the manner of paying premiums,
change or convert the type of insurance contract, with respect
to a contract of life, accident, health, disability, or liability
insurance in which the principal has, or claims to have, a power
described in this subdivision, or change the beneficiary of the
contract of insurance.
(4) Demand, receive, or obtain by action or proceeding money
or other things of value to which the principal is, may become,
or claims to be entitled to as the proceeds of a contract of
insurance or a transaction permitted under this section,
conserve, invest, disburse, or use anything received for a
purpose permitted under this section, and reimburse the attorney
in fact for expenditures properly made in the execution of
powers conferred upon the attorney in fact.
(5) Apply for and procure available governmental aid in the
guaranteeing or paying of premiums of a contract of insurance
on the life of the principal.
(6) Sell, assign, hypothecate, borrow upon, or pledge the
interest of the principal in a contract of insurance.
(7) Pay from the proceeds or otherwise, compromise, contest,
and apply for refunds in connection with a tax or an assessment
levied by a taxing authority with respect to a contract of
insurance, the proceeds of the refunds, or liability accruing from
a tax or an assessment.
(8) Agree and contract in any manner and on any terms with any
person the attorney in fact selects to accomplish a purpose
permitted under this section and perform, rescind, reform,
release, or modify an agreement or a contract.
(9) Execute, acknowledge, seal, and deliver a consent, a
demand, a request, an application, an agreement, an indemnity,
an authorization, an assignment, a pledge, a notice, a check, a
receipt, a waiver, or other instrument the attorney in fact
considers useful to accomplish a purpose permitted under this
section.
(10) Continue, procure, pay the premium or assessment on,
modify, rescind, release, terminate, or otherwise deal with a
contract of insurance, other than those permitted under
subdivision (1) or (2), including fire, marine, burglary,
compensation, liability, hurricane, casualty, or a combination of
insurance, and do acts with respect to the contract or with
respect to the contract's proceeds or enforcement that the
attorney in fact considers necessary or desirable for the
promotion or protection of the interests of the principal.
(11) Prosecute, defend, submit to arbitration, settle, and propose
or accept a compromise with respect to a claim existing in favor
of or against the principal based on or involving an insurance
transaction or intervene in an action or proceeding relating to a
claim.
(12) Hire, discharge, and compensate an attorney, accountant,
expert witness, or other assistant when the attorney in fact
considers the action to be desirable for the proper execution by
the attorney in fact of a power described in this section and
keep needed records.
(13) Perform any other acts in connection with procuring,
supervising, managing, modifying, enforcing, and terminating
contracts of insurance or for the provisions of health care
services in which the principal is insured or is otherwise
interested.
(b) The powers described in this section are exercisable equally
with respect to a contract of insurance or for the provision of health
care service in which the principal is interested, whether located in
Indiana or in another jurisdiction.
As added by P.L.149-1991, SEC.2. Amended by P.L.238-2005,
SEC.49.
Last modified: May 27, 2006