Section 377.080

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 377

Effective - 28 Aug 1997   

  377.080.  Limitations on the issuance of policies — charitable, benevolent, educational and religious organizations have insurable interest — fraud or coercion, exception. — 1.  No corporation doing business pursuant to sections 377.010 to 377.190 shall issue a certificate or policy upon the life of any person who at nearest birthday is more than sixty years of age, nor upon any life in which the beneficiary named has no insurable interest, nor as an endowment to any insured person while living, and every call for payments by the policy or certificate holders shall distinctly state the purposes of the same.

  2.  Any assignment of a policy or certificate to a person having no insurable interest in the insured life shall render such assignments void and of no effect.

  3.  A charitable, benevolent, educational or religious institution qualified pursuant to section 501(c)(3) of the federal Internal Revenue Code, as amended, shall be deemed to have an insurable interest in the life of an insured individual if, in the absence of any fraud or coercion:

  (1)  The individual has designated the institution as a beneficiary;

  (2)  The individual has made a gift or an assignment of an interest in life insurance on the life of such insured individual; or

  (3)  The life insurance is owned by such charitable, benevolent, educational or religious institution and such institution has obtained the consent of the person whose life is being insured, as required by section 376.531.

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(RSMo 1939 § 5862, A.L. 1992 H.B. 1574, A.L. 1997 H.B. 622)

Prior revisions: 1929 § 5751; 1919 § 6161; 1909 § 6956