Sec. 4. (a) A charitable entity may: (1) purchase; (2) own; or (3) be transferred ownership of; a life insurance policy on the life of an individual if the individual consents to the charitable entity's purchase or ownership of the policy. (b) A charitable entity that purchases or is transferred ownership of a life insurance policy under subsection (a) has an insurable interest in the life of the individual who consents to the charitable entity's purchase or ownership of the policy.
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