Sec. 8. No corporation, association or society doing business of life insurance under this chapter shall issue any policy of life insurance in which the beneficiary named has no insurable interest. Any assignment of the policy or certificate to a person having no insurable interest in the insured life, except as security for actual debt, with remainder over to the beneficiary or to the estate of the insured, shall render such a policy or certificate void.
Formerly: Acts 1897, c.195, s.8; Acts 1971, P.L.391, SEC.1.
Structure Indiana Code
Article 8. Life, Accident, and Health
Chapter 3. Mutual Life and Accident─formation
27-8-3-3. Directors, Trustees, or Managers
27-8-3-4. Determination of Fee Rates and Amount of Premiums, Assessments, or Periodical Calls; Risks
27-8-3-5. Reincorporation of Domestic Assessment Plan Companies; Exceptions
27-8-3-6. Application of Chapter to Assessment Plan Companies; Exceptions
27-8-3-7. Accumulation of Reserve or Emergency Fund; Investment; Additional Funds; Use of Excess
27-8-3-8. Assignment of Policy to Person Without Insurable Interest Void
27-8-3-9. Annual Report; Failure to File Report and Pay Fees; Suspension From Doing Business
27-8-3-10. Accident Insurance Business on Assessment Plan
27-8-3-11. Reserve Emergency Fund
27-8-3-12. Report of Affairs and Operations; Suspension for Failure to File
27-8-3-13. Authority to Deposit Securities; Investment of Reserve Funds
27-8-3-16. Examination at Request of Corporation; Certificate of Results; Expense
27-8-3-18. Attorney General; Exclusive Power to Apply for Accounting, Injunction, or Receivership
27-8-3-20. Foreign Corporations; Service of Process
27-8-3-21. Fraudulent Representations; Offenses
27-8-3-22. Eligible Beneficiaries; Change of Beneficiary
27-8-3-23. Exemption of Benefits and Premiums From Judicial Process
27-8-3-24. Violations; Revocation of Power to Do Business
27-8-3-26. Exempt Organizations
27-8-3-27. Legal Reserves; Compulsory Deposits; Filing of Forms; Exceptions