Third-party ownership

"Insured," as used in this chapter, shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for, and owning a policy covering the insured, or from being entitled under such a policy to any indemnities, benefits and rights provided in the policy. Acts 1955, ch. 4, § 4; T.C.A., § 56-3312. "Insured," as used in this chapter, shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for, and owning a policy covering the insured, or from being entitled under such a policy to any indemnities, benefits and rights provided in the policy. Acts 1955, ch. 4, § 4; T.C.A., § 56-3312.