§ 26-15-103 — Life insurance for benefit of charitable institutions

(a) Contracts of life insurance may be made and entered
into in which the person paying the consideration for the
insurance has no insurable interest in the life of the person
insured, if charitable, benevolent, educational or religious
institutions are designated irrevocably as a beneficiary but not
necessarily the primary beneficiary thereof.
(b) In making a contract as specified in subsection (a) of
this section, the person paying the premium shall make and sign
the application therefor as owner and shall designate a
charitable, benevolent, educational or religious institution
irrevocably as the beneficiary or one (1) of the beneficiaries
of the policy. The application also shall be signed by the
person whose life is to be insured.
(c) The contract is valid and binding among all of the
parties thereto, notwithstanding that the owner has no insurable
interest in the life of the person insured.