Louisiana Revised Statutes 22:902 – Statutory life insurance beneficiaries
Terms Used In Louisiana Revised Statutes 22:902
- 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
- Insurable interest: as used in this Chapter means any lawful and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage. See Louisiana Revised Statutes 22:853
Notwithstanding any other law or regulation to the contrary, any religious, educational, eleemosynary, charitable, or benevolent institution or undertaking may be named beneficiary in or owner of any policy of life insurance issued by any life insurance company upon the life of any individual. The beneficiaries or owners named shall have an insurable interest for the full face of the policy and shall be entitled to collect same. On all policies of life insurance issued before August 21, 1992, by insurers in which any of the named beneficiaries or owners shall have been designated beneficiaries in the policies, the beneficiaries shall have an insurable interest to the full extent of the face of the policy and be entitled to collect same, without penalty or deduction.
Acts 1991, No. 776, §1; Acts 1992, No. 1130, §1; Redesignated from La. Rev. Stat. 22:614.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2011, No. 94, §1, eff. Jan. 1, 2012.
NOTE: Former La. Rev. Stat. 22:902 redesignated as La. Rev. Stat. 22:769 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.