Iowa Code 511.39 – Charitable organizations — insurable interest
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Terms Used In Iowa Code 511.39
- 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
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
511.39 Charitable organizations — insurable interest.
A charitable organization described in section 501(c)(3) of the Internal Revenue Code, as defined in § 422.3, has an insurable interest in the life of a person who, when purchasing a life insurance policy, makes a donation to the charitable organization or makes the charitable organization the beneficiary of all or a part of the proceeds of the policy or joins with a charitable organization in applying for an insurance policy which when issued will insure that person’s life and name the organization as owner or beneficiary of all or any portion of the benefits of the life insurance policy.
92 Acts, ch 1162, §16
Referred to in §508E.13
A charitable organization described in section 501(c)(3) of the Internal Revenue Code, as defined in § 422.3, has an insurable interest in the life of a person who, when purchasing a life insurance policy, makes a donation to the charitable organization or makes the charitable organization the beneficiary of all or a part of the proceeds of the policy or joins with a charitable organization in applying for an insurance policy which when issued will insure that person’s life and name the organization as owner or beneficiary of all or any portion of the benefits of the life insurance policy.
92 Acts, ch 1162, §16
Referred to in §508E.13