§ 27-8-3-8 — Assignment of policy to person without insurable interest void

No corporation, association or society doing
business of life insurance under this chapter shall issue any policy of
life insurance in which the beneficiary named has no insurable interest.
Any assignment of the policy or certificate to a person having no
insurable interest in the insured life, except as security for actual debt,
with remainder over to the beneficiary or to the estate of the insured,
shall render such a policy or certificate void.
Formerly: Acts 1897, c.195, s.8; Acts 1971, P.L.391,
SEC.1.