# IN Bulletin 8: Credit life/accident and maximum amount of insurance

> Indiana · Agency guidance · In force

URL: https://www.frixlaw.com/law-library/statutes/IN_INS_B_8

## Section

- **Citation:** IN Bulletin 8
- **Heading:** Credit life/accident and maximum amount of insurance
- **Jurisdiction:** Indiana
- **Kind:** Agency guidance
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Indiana Department of Insurance Bulletins / Credit life/accident and maximum amount of insurance

## Text

Bulletin 8
CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE –
MAXIMUM AMOUNT OF INSURANCE
August 15, 1963
The Department, after further study, now advises all licensed life insurers of a revised
interpretation of the initial amount of life insurance permitted (Indiana Code 27- 8- 4- 4A) for all
individual and group policies which qualify under the Model Act for the Regulation of Credit Life and
Credit A & H Insurance (Acts 1961, Ch. 47) as follows:
I.
The initial amount of life insurance shall not exceed the total amount repayable under the
contract of indebtedness. The amount of indebtedness to be insured is not limited by the "Model Act."
II.
Agriculture credit transaction commitments, not exceeding one year in duration, may be
insured up to the amount of the loan commitment on a non-decreasing or a level term plan. The amount of
loan commitment to be insured, is not limited by the "Model Act."
III.
It is the interpretation of the Department that as to the $10,000.00 maximum insurance
permitted by Indiana Code 27- 1- 12- 27(2)(d) of the Indiana Insurance Code, that part of such Section is
in conflict with the "Model Act" (Acts 1961, Ch. 47) and is therefore repealed. However, Indiana Code
27- 1- 12- 27 will continue to apply to "Model Act" group creditor policies as to all other requirements,
insofar as these requirements are not in conflict with the "Model Act."
Indiana Code 27- 1- 12- 27, in its entirety, shall continue as a requirement of all group creditor
policies which do not qualify under the Model Act for Credit Life and Credit A & H Insurance (Acts
1961, Ch. 47).
Harry E. McClain
Insurance Commissioner

## Nearby sections

- [IN Bulletin 1 Credit life/accident/health agents' examinations](https://www.frixlaw.com/law-library/statutes/IN_INS_B_1.md)
- [IN Bulletin 2 Auto Insurance Rate Classifications](https://www.frixlaw.com/law-library/statutes/IN_INS_B_2.md)
- [IN Bulletin 3 Accident/sickness insurance guaranteed renewable restrictions](https://www.frixlaw.com/law-library/statutes/IN_INS_B_3.md)
- [IN Bulletin 4 Countersignature law - retaliatory application to commissions](https://www.frixlaw.com/law-library/statutes/IN_INS_B_4.md)
- [IN Bulletin 5 Life insurance commissions - taking assignment/transfer by life agent](https://www.frixlaw.com/law-library/statutes/IN_INS_B_5.md)
- [IN Bulletin 6 Life insurance selling methods and materials - prohibited practices](https://www.frixlaw.com/law-library/statutes/IN_INS_B_6.md)
- [IN Bulletin 7 "Profit sharing" and coupon contracts prohibited practices](https://www.frixlaw.com/law-library/statutes/IN_INS_B_7.md)
- [IN Bulletin 8 Credit life/accident and maximum amount of insurance](https://www.frixlaw.com/law-library/statutes/IN_INS_B_8.md)
- [IN Bulletin 9 Asset value of data processing equipment for Annual Statements](https://www.frixlaw.com/law-library/statutes/IN_INS_B_9.md)
- [IN Bulletin 10 Workers Comp derivation filings](https://www.frixlaw.com/law-library/statutes/IN_INS_B_10.md)
- [IN Bulletin 11 Prohibition on group life dependents coverage](https://www.frixlaw.com/law-library/statutes/IN_INS_B_11.md)
- [IN Bulletin 12 Credit Life and Credit Accident and Health Insurance-Accidental dismemberment Coverage](https://www.frixlaw.com/law-library/statutes/IN_INS_B_12.md)
- [IN Bulletin 13 Assessment plan insurance - health prohibition](https://www.frixlaw.com/law-library/statutes/IN_INS_B_13.md)
- [IN Bulletin 14 Assessment plan Annual Statements - Reserves](https://www.frixlaw.com/law-library/statutes/IN_INS_B_14.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/IN_INS_B_8. Check the current official text before relying on it. Not legal advice.