OH SB82

Prohibits Ohio state universities from enrolling full-time undergraduate students in the 2012-2013 academic year and later unless the student's parents have designated life insurance coverage for the student's education or meet specific exemptions.

Requires the Department of Administrative Services to contract with an insurance company to provide term life insurance policies covering parents for undergraduate tuition and room and board costs, with contracts awarded to the lowest responsible bidder every four years.

Defines "qualifying parents" as those under age 65, U.S. citizens or lawful permanent residents for 3+ years, employed at least 1,000 hours annually (unless only living parent), and claiming the child as a dependent, whose child's tuition is not fully covered by scholarships or financial aid.

Upon a covered parent's death, the insurance policy pays a death benefit equal to remaining academic terms multiplied by either full tuition (if child resided with parent) or tuition plus room and board (if child did not reside with parent), awarded as a scholarship to the student.

Exempts students whose parents already have existing life insurance policies designated for their education or who receive scholarships from deceased parents' life insurance benefits under the program.