376.640. Paid-up policy may be demanded, when. - Missouri Statutes

Paid-up policy may be demanded, when.

376.640. At any time after the payment of three or more fullannual premiums, and not later than sixty days from the beginningof the extended insurance provided in section 376.630, the legalholder of any policy affected by section 376.630 may demand ofthe company, and the company shall issue, its paid-up policy,which, in case of an ordinary life policy, shall be for such anamount as three-fourths of the net value of the regular policy atthe age and date of lapse, computed according to actuaries' orcombined experience table of mortality, with interest at the rateof four percent per annum, without deduction of indebtedness onaccount of said policy, will purchase, applied as a net singlepremium upon the said table of mortality and interest rateaforesaid; and in case of a limited payment life policy, or of acontinued payment endowment policy, payable at a certain time, orat death, it shall be for an amount bearing such proportion tothe amount of the original policy as the number of completeannual premiums actually paid shall bear to the number of suchannual premiums stipulated to be paid; provided, that from suchamount the company shall have a right to deduct the netreversionary value of all indebtedness to the company on accountof such policy; and provided further, that the policyholdershall, at the time of making demand for such paid-up policy,surrender the original policy, legally discharged, at the parentoffice of the company.

(RSMo 1939 § 5853, A.L. 1943 p. 596)

Prior revisions: 1929 § 5742; 1919 § 6152; 1909 § 6947