If a public officer is required to obtain crime insurance but the requirement does not specify the beneficiary of the insurance policy, the policy shall specify the beneficiary as:
(1) the state, if the public officer is a state officer;
(2) the county, if the public officer is a county, precinct, or district officer;
(3) the city or town, if the public officer is a municipal officer; or
(4) the board of education, if the public officer is a school officer.