376.650. Rules of payment on commuted policy. - Missouri Statutes

Rules of payment on commuted policy.

376.650. If the death of the insured occur within the termof temporary insurance covered by the value of the policy asdetermined in section 376.630, and if no condition of theinsurance other than the payment of premiums shall have beenviolated by the insured, the company shall be bound to pay theamount of the policy, the same as if there had been no default inthe payment of premium, anything in the policy to the contrarynotwithstanding; provided, however, that notice of the claim andproof of the death shall be submitted to the company in the samemanner as provided by the terms of the policy within ninety daysafter the decease of the insured; and provided also, that thecompany shall have the right to deduct from the amount insured inthe policy the amount compounded at six percent interest perannum of all the premiums that had been forborne at the time ofthe decease, including the whole of the year's premium in whichthe death occurs, but such premiums shall in no case exceed theordinary life premium for the age at issue, with interest as lastaforesaid.

(RSMo 1939 § 5854, A.L. 1943 p. 596)

Prior revisions: 1929 § 5743; 1919 § 6153; 1909 § 6948