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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 377

previous next Effective - 28 Aug 1939bottom

  377.250.  Minimum premiums. — 1.  Every corporation, company or association doing business under the provisions of sections 377.200 to 377.460 shall charge a mortuary premium at least equal to that of yearly term insurance at age of entry according to the actuaries' or combined experience mortality table, with interest at four percent, and such mortuary premium shall be increased by a loading of not less than twenty percent for age twenty and all ages under twenty, and one percent additional for each additional year of age, renewable term policies excepted from such loading.

  2.  Said premium may be paid annually, semiannually, quarterly, bimonthly or monthly in advance.

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(RSMo 1939 § 5874)

Prior revisions: 1929 § 5763; 1919 § 6173; 1909 § 6967

(1954) Where policy fee which was collected from applicant for insurance and retained by agent had the effect of continuing insurance in force for given period, it constituted part of first year's premium, and the period it covers must be deducted from the year so that amount of annual premium later collected insofar as it exceeded one full year's premium when added to policy fee  must be credited to insurance fund established under § 377.260. Old Reliable Soc. v. Leggett, 364 Mo.  630, 265 S.W.2d 302.


---- end of effective   28 Aug 1939 ----

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