US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 18
                            THE INSURANCE CONTRACT
    41-1805.  LIFE INSURANCE FOR BENEFIT OF CERTAIN INSTITUTIONS. (1)
Contracts of life insurance may be made and entered into in which the person
paying the consideration for such insurance has no insurable interest in the
life of the person insured, where charitable, benevolent, educational, or
religious institutions are designated irrevocably as the beneficiaries
thereof.
    (2)  In making such contracts the person paying the premium shall make and
sign the application therefor as owner and shall designate a charitable,
benevolent, educational, or religious institution irrevocably as the
beneficiary or beneficiaries of such policy. The application also shall be
signed by the person whose life is to be insured.
    (3)  Such a contract shall be valid and binding between and among all of
the parties thereto, and the person paying the consideration for such
insurance shall have all rights conferred by the contract to loan value at any
time during the premium paying period, but not at maturity, notwithstanding
such person has no insurable interest in the life of the person insured.