KRS 304.14-050: Insurable interest -- Exception when certain institutions designated

beneficiary.

(1) Life insurance contracts may be entered into in which the person paying the

consideration for the insurance has no insurable interest in the life of the individua l

insured, where charitable, benevolent, educational, or religious institutions, or their

agencies, are designated irrevocably as the beneficiaries thereof.

(2) In making such contracts the person paying the premium shall make and sign the

application the refor as owner, and shall designate a charitable, benevolent,

educational or religious institution, or an agency thereof, irrevocably as the

beneficiary or beneficiaries of such contract. The application shall be signed also by

the individual whose life is to be insured.

(3) Nothing in this section shall be deemed to prohibit any combination of the

applicant, premium payer, owner, and beneficiary from being the same person.

(4) Such a contract shall be valid and binding among the parties thereto,

notwithstanding the absence otherwise of an insurable interest in the life of the

individual insured.