376.660. Foregoing provisions inapplicable, when. - Missouri Statutes

Foregoing provisions inapplicable, when.

376.660. Sections 376.630 to 376.650 shall not be applicablein the following cases, to wit: If the policy shall contain aprovision for an unconditional surrender value, at least equal tothe net single premium, for the temporary insurance provided forherein, or for the unconditional commutation of the policy fornonforfeitable paid-up insurance, or if the legal holder of thepolicy shall, within sixty days after default of premium,surrender the policy and accept from the company another form ofpolicy, or if the policy shall be surrendered to the company fora consideration adequate in the judgment of the legal holderthereof, then, and in any of the foregoing cases, sections376.010 to 376.670 shall not be applicable; provided, that in noinstance shall a policy be forfeited for nonpayment of premiumsafter the payment of three annual payments thereon; but in allinstances where three annual premiums shall have been paid on apolicy of insurance, the holder of such policy shall be entitledto paid-up or extended insurance, the net value of which shall beequal to that provided for in sections 376.010 to 376.670;provided further, that this section and sections 376.630 to376.650 shall apply only to policies of life insurance issuedprior to the operative date of section 376.670.

(RSMo 1939 § 5855, A.L. 1943 p. 596)

Prior revisions: 1929 § 5744; 1919 § 6154; 1909 § 6949