As used in this chapter, "periodic payments agreement" means a contract between a health care provider (or its insurer) and the patient (or the patient's estate), under which the health care provider is relieved from possible liability in consideration of:

1. (1) a present payment of money to the patient (or the patient's estate); and

2. (2) one (1) or more payments to the patient (or the patient's estate) in the future;

   whether or not some or all of the payments are contingent upon the patient's survival to the proposed date of payment.

   [Pre-1998 Recodification Citation: 27-12-14-2.]

As added by P.L.1-1998, SEC.13.