2011 Iowa Code
TITLE XIII COMMERCE
SUBTITLE 1 INSURANCE AND RELATED REGULATION
CHAPTER 511 PROVISIONS APPLICABLE TO LIFE INSURANCE COMPANIES AND ASSOCIATIONS
511.39 Charitable organizations — insurable interest.
511.39 Charitable organizations insurable interest.
A charitable organization described in section 501(c)(3) of the Internal Revenue Code, as defined in section 422.3, has an insurable interest in the life of a person who, when purchasing a life insurance policy, makes a donation to the charitable organization or makes the charitable organization the beneficiary of all or a part of the proceeds of the policy or joins with a charitable organization in applying for an insurance policy which when issued will insure that person s life and name the organization as owner or beneficiary of all or any portion of the benefits of the life insurance policy.
92 Acts, ch 1162, §16
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