1. (a) As used in this section, "life insurance policy" means:

   1. (1) an individual life insurance policy other than a credit life insurance policy; or

   2. (2) an individual policy of variable life insurance;

      that is sold after June 30, 1994.

2. (b) No life insurance policy may be issued in Indiana or issued for delivery in Indiana unless it contains a provision allowing the policyholder to return the policy to:

   1. (1) the insurer;
   2. (2) the insurance producer through whom the policy was purchased; or

   3. (3) any agent of the insurer;

      within ten (10) days after the policy is received by the policyholder for a full refund of all money paid by the policyholder.

3. (c) Each life insurance policy must have prominently printed on its first page a notice setting forth in substance the provisions of subsection (b).

As added by P.L.116-1994, SEC.25. Amended by P.L.178-2003, SEC.16.