SCS/HB 1119 - Charitable organizations are authorized to procure a donation or assignment of life insurance policy proceeds. The charitable organization may also obtain an ownership interest on the life of an individual if the organization has obtained the consent of the individual.

This act also allows life insurers to exclude liability if the insured commits suicide within 6 months of the date of issuance of the policy. The insurer is required to refund all premiums paid on the policy. (HB 1060, SB 960)
MIKE HOEFERKAMP