Sec. 7. An insurer may not use a retained asset account unless, before the policy proceeds are transferred to the retained asset account, the insurer: (1) informs: (A) the beneficiary; (B) the legal representative of the beneficiary; or (C) in the case of a group policy, the policy owner; of the beneficiary's right to a lump sum payment of the full amount of the policy proceeds; and (2) makes the disclosure described in section 8(c) of this chapter to the beneficiary.
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