{"data":{"id":"us-ky/krs-304.14-050","jurisdiction":"us-ky","citation":"KRS 304.14-050","heading":"Insurable interest -- Exception when certain institutions designated","body":"beneficiary.\n(1) Life insurance contracts may be entered into in which the person paying the\nconsideration for the insurance has no insurable interest in the life of the individua l\ninsured, where charitable, benevolent, educational, or religious institutions, or their\nagencies, are designated irrevocably as the beneficiaries thereof.\n(2) In making such contracts the person paying the premium shall make and sign the\napplication the refor as owner, and shall designate a charitable, benevolent,\neducational or religious institution, or an agency thereof, irrevocably as the\nbeneficiary or beneficiaries of such contract. The application shall be signed also by\nthe individual whose life is to be insured.\n(3) Nothing in this section shall be deemed to prohibit any combination of the\napplicant, premium payer, owner, and beneficiary from being the same person.\n(4) Such a contract shall be valid and binding among the parties thereto,\nnotwithstanding the absence otherwise of an insurable interest in the life of the\nindividual insured.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=17123","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:43Z","sha256":"e76937d73db5ca955e719281f9b69ab1e666b8f38b5b1ce428e034e2da952657","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.14-040","next":"us-ky/krs-304.14-060"},"notice":"GroundRules: Original legal text. Not legal advice."}