Sec. 6. A policy or certificate issued by any such an association shall be exempt from the valuation based upon the American Experience Table, or any other table of mortality, in consequence of such association conducting its business on the plan of assessing members, and such policy or certificate, when the payments thereon are made by any person other than the insured, and without the written consent of the insured, to be valid must be supported by an insurable interest.
Formerly: Acts 1883, c.136, s.6.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 1. Life Insurance─assessment Plan
27-8-1-1. Authority to Incorporate
27-8-1-2. Corporate Status and Powers
27-8-1-3. Name; Approval; Misleading Similarity
27-8-1-4. Statement of Initial Applications and Deposit of First Assessment
27-8-1-5. Assessment; Statement of Object
27-8-1-6. Exemption of Certificates From Valuation; Insurable Interest
27-8-1-7. Restriction on Kinds of Certificates; Expenses; Segregation of Expense and Mortuary Funds
27-8-1-8. Annual Statement; Examination
27-8-1-10. Quo Warranto to Remove Officers or Close Business
27-8-1-11. Bonds of Officers and Agents
27-8-1-12. Examination of Sufficiency of Treasurer's Bond
27-8-1-13. Qualification of Foreign Corporation
27-8-1-14. Retaliatory Provision
27-8-1-16. Foreign Corporations; Fraudulent Practices; Quo Warranto to Revoke License