Tennessee Code 56-7-314 – Purchase or assignment of life insurance by charitable organization – Date of insurable interest
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Terms Used In Tennessee Code 56-7-314
- Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
- Statute: A law passed by a legislature.
If an organization described in either § 170(c) or § 501(c)(3) of the Internal Revenue Code of 1986 ( 26 U.S.C. §§ 170(c) and 501(c)(3) ), respectively, purchases or receives by assignment, before or after April 23, 1992, life insurance on an insured who consents in writing to the purchase or assignment, the organization is deemed to have or to have had an insurable interest in the insured person‘s life on the date of purchase or assignment. This section does not limit or abridge any insurable interest on April 23, 1992, at common law or by statute.