Indiana Code 27-8-18-4. Purchase, ownership, or transfer of ownership; consent; insurable interest
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Sec. 4. (a) A charitable entity may:
(2) own; or
(1) purchase;
Terms Used In Indiana Code 27-8-18-4
- charitable entity: means an entity that is exempt from federal taxation under Section 501(c)(3) of the Internal Revenue Code (26 U. See Indiana Code 27-8-18-2
- life insurance policy: means an insurance policy that provides the type of insurance described in Class 1(a) of IC 27-1-5-1. See Indiana Code 27-8-18-3
(3) be transferred ownership of;
a life insurance policy on the life of an individual if the individual consents to the charitable entity’s purchase or ownership of the policy.
(b) A charitable entity that purchases or is transferred ownership of a life insurance policy under subsection (a) has an insurable interest in the life of the individual who consents to the charitable entity’s purchase or ownership of the policy.
As added by P.L.129-1992, SEC.1.