CHAPTER 18. CHARITABLE ENTITY'S INSURABLE INTEREST IN LIFE OF DONOR

IC 27-8-18
    Chapter 18. Charitable Entity's Insurable Interest in Life of Donor

IC 27-8-18-1
Application of chapter
    Sec. 1. This chapter applies to every life insurance policy issuedin Indiana or issued for delivery in Indiana, irrespective of the dateof issue.
As added by P.L.129-1992, SEC.1.

IC 27-8-18-2
"Charitable entity" defined
    Sec. 2. As used in this chapter, "charitable entity" means an entitythat is exempt from federal taxation under Section 501(c)(3) of theInternal Revenue Code.
As added by P.L.129-1992, SEC.1.

IC 27-8-18-3
"Life insurance policy" defined
    Sec. 3. As used in this chapter, "life insurance policy" means aninsurance policy that provides the type of insurance described inClass 1(a) of IC 27-1-5-1.
As added by P.L.129-1992, SEC.1.

IC 27-8-18-4
Purchase, ownership, or transfer of ownership; consent; insurableinterest
    Sec. 4. (a) A charitable entity may:
        (1) purchase;
        (2) own; or
        (3) be transferred ownership of;
a life insurance policy on the life of an individual if the individualconsents to the charitable entity's purchase or ownership of thepolicy.
    (b) A charitable entity that purchases or is transferred ownershipof a life insurance policy under subsection (a) has an insurableinterest in the life of the individual who consents to the charitableentity's purchase or ownership of the policy.
As added by P.L.129-1992, SEC.1.

IC 27-8-18-5
Inquiry into legal status of charitable entity
    Sec. 5. A life insurance company that is requested to:
        (1) issue a life insurance policy; or
        (2) transfer ownership of a life insurance policy;
to an entity that is purported to be a charitable entity has noobligation to inquire into the legal status of that entity under any law.
As added by P.L.129-1992, SEC.1.

IC 27-8-18-6 Reliance on good faith representations
    Sec. 6. A life insurance company is entitled to rely on therepresentations made in apparent good faith by the owner or putativeowner of a life insurance policy for the purpose of inducing the lifeinsurance company to accept an entity as the owner or beneficiary ofthe life insurance policy.
As added by P.L.129-1992, SEC.1.