IC 27-8-18-4: Purchase, ownership, or transfer of ownership; consent; insurable interest

Sec. 4. (a) A charitable entity may:

(1) purchase;

(2) own; or

(3) be transferred ownership of;

a life insurance policy on the life of an individual if the individual consents to the charitable entity's purchase or ownership of the policy.

(b) A charitable entity that purchases or is transferred ownership of a life insurance policy under subsection (a) has an insurable interest in the life of the individual who consents to the charitable entity's purchase or ownership of the policy.