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Indiana Code Title 27. Insurance § 27-8-19.8-7.8

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 7.8. (a) As used in this chapter, “stranger originated life insurance” means a practice or plan to initiate a life insurance policy for the benefit of a third party investor who, at the time the life insurance policy is originated, has no insurable interest in the insured.

(b) The term includes the following:

(1) An arrangement under which, at the time of life insurance policy inception:

(A) a life insurance policy is purchased with resources or guarantees from or through a person that is not legally permitted to initiate the life insurance policy;  and

(B) a written or verbal arrangement or agreement is made to transfer the ownership of the life insurance policy or policy benefits to a third party.

(2) A trust that is:

(A) created to give an appearance of the existence of an insurable interest;  and

(B) used to initiate a life insurance policy for an investor.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-8-19.8-7.8 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-8-19-8-7-8/

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