Revisor Home

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 377

previous next Effective - 28 Aug 1997bottom

  377.310.  Examinations — beneficiary — change in beneficiary — charitable, benevolent, educational and religious organizations have insurable interest — fraud or coercion, exception. — 1.  No corporation, company or association transacting business pursuant to sections 377.200 to 377.460 shall issue a certificate or policy to any person until the applicant has been examined by a physician duly licensed and appointed by the company as its medical examiner, nor unless the beneficiary named in the certificate or policy is the husband, wife, legal representative, relative, heir, creditor or legatee of the insured, or who may have an insurable interest in the insured.

  2.  The beneficiary named in the certificate or policy may be changed as may be provided for in the articles of incorporation or bylaws, except that no change shall be made from a wife to a creditor without her written consent.

  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.

­­--------

(RSMo 1939 § 5882, A. 1949 H.B. 2094, A.L. 1992 H.B. 1574, A.L. 1997 H.B. 622)

Prior revisions: 1929 § 5771; 1919 § 6181; 1909 § 6975


---- end of effective   28 Aug 1997 ----

use this link to bookmark section  377.310


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@00:12:12.0 28