377.010. Assessment plan insurance defined. - Missouri Statutes

Assessment plan insurance defined.

377.010. Every contract whereby a benefit is to accrue to aperson or persons named therein, upon the death or physicaldisability of a person also named therein, the payment of whichsaid benefit is in any manner or degree dependent upon thecollection of an assessment upon persons holding similarcontracts, shall be deemed a contract of insurance upon theassessment plan, and the business involving the issuance of suchcontracts shall be carried on in this state only by dulyorganized corporations which shall be subject to the provisionsand requirements of sections 377.010 to 377.190.

(RSMo 1939 § 5856)

Prior revisions: 1929 § 5745; 1919 § 6155; 1909 § 6950