(a) Any individual of competent legal capacity may procure or effect an insurance contract upon the individual’s own life or body for the benefit of any person.
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Terms Used In Hawaii Revised Statutes 431:10-204

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
(b) No person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the benefits under the contract are payable to the individual insured or the insured’s personal representatives, or to a person having, at the time the contract was made, an insurable interest in the individual insured.
(c) If the beneficiary, assignee or other payee under any contract made in violation of this section receives from the insurer any benefits under the contract accruing upon the death, disablement or injury of the individual insured, the individual insured or the insured’s personal representative may maintain an action to recover the benefits from the person so receiving them.

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