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.  
         Section History: Recent Form
         92 Acts, ch 1162, § 16         Referred to in § 508E.13