When must all premiums be paid according to Indiana insurance law?

According to Indiana insurance law, premiums must be paid in advance, either to the insurance company or its agents. This requirement ensures that policies remain in good standing and that coverage is maintained without interruptions. Advance payment protects both the insurer and the insured, as it guarantees that funds are available for the coverage provided under the insurance policy before any claims can be submitted. This approach helps to streamline financial management for both parties and reduces the risk associated with unpaid premiums.

Paying premiums in advance also aligns with standard practices in the insurance industry, where coverage typically begins only once the initial premium is collected. This requirement is designed to ensure that the insurer can cover potential claims and manage their risk effectively, fostering a stable environment for both insurers and policyholders.