I will add to this but will start off by saying, I am not a lawyer and I am only repeating what I have read/heard by some other Indiana lawyers on this matter.
While it has been pretty widely posted that you must follow the laws of the state that issued your license, some lawyers say there is a great deal of ambiguity in the "according to the terms thereof" statement. While some read that to mean "you must follow the laws of your state", others read it to simply mean "the terms of the license and not necessarily all the laws of the state". The word "terms" does not necessarily mean the same as the word "laws".
By my understanding "Terms of the license" would be things like age, arrest/conviction history, drug user etc.
IE, Indiana doesn't permit a convicted domestic abuser or drug user to have an Indiana LTCH. However, if Kentucky does permit a drug user to have a CCW/LTCH then that person could still carry in Indiana even though they would not be a qualified person in Indiana as long as Indiana doesn't have any other laws regarding the matter.
That being said, this has never been tested in court as far as I know so until it has I recommend that you follow the laws of your state & Indiana both to be certain you are covered.