Ark. Code Ann. § 23-85-103: Third party ownership

The word "insured" as used in this section and §§ 23-85-101 , 23-85-102 , and 23-85-104 - 23-85-131 shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits, and rights provided therein.