Indiana Code Title 32. Property § 32-17-14-18

Sec. 18. If property subject to a beneficiary designation is lost, destroyed, damaged, or involuntarily converted during the owner's lifetime, the beneficiary succeeds to any right with respect to the loss, destruction, damage, or involuntary conversion that the owner would have had if the owner had survived.  However, the beneficiary has no interest in any payment or substitute property received by the owner during the owner's lifetime.