§ 27-8-1-6 — Exemption of certificates from valuation; insurable interest

A policy or certificate issued by any such an
association shall be exempt from the valuation based upon the
American Experience Table, or any other table of mortality, in
consequence of such association conducting its business on the plan of
assessing members, and such policy or certificate, when the payments
thereon are made by any person other than the insured, and without the
written consent of the insured, to be valid must be supported by an
insurable interest.
Formerly: Acts 1883, c.136, s.6.