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TENNESSEE  - Insurable Interest Laws

As of August 1, 2007
Most recent legislation changes:  May 4, 2006

56-7-314.  Purchase or assignment of life insurance by charitable organization - Date of insurable interest.

  If an organization described in either § 501(c)(3) or § 170(c) of the federal Internal Revenue Code of 1986, 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.

This information does not constitute legal advice by the Insurance Barometer LLC and should not be relied upon as such. Every effort has been made to provide correct and accurate information but the reader should verify state laws prior to implementing an insurance program.