The word “insured”, as used in part 1 of this article and this part 2, 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 therein.
Third-party ownership of individual sickness and accident insurance policies
Colo. Rev. Stat. § 10-16-206, under Sickness and Accident Insurance.
Colo. Rev. Stat. § 10-16-206