377.080. Limitations on the issuance of policies--charitable, benevolent, educational and religious organizations have insurable interest--fraud or coercion, exception.

MISSOURI STATUTES AND CODES

377.080. Limitations on the issuance of policies--charitable, benevolent, educational and religious organizations have insurable interest--fraud or coercion, exception.

Limitations on the issuance of policies--charitable, benevolent,educational and religious organizations have insurableinterest--fraud or coercion, exception.

377.080. 1. No corporation doing business pursuant to sections377.010 to 377.190 shall issue a certificate or policy upon the life of anyperson who at nearest birthday is more than sixty years of age, nor uponany life in which the beneficiary named has no insurable interest, nor asan endowment to any insured person while living, and every call forpayments by the policy or certificate holders shall distinctly state thepurposes of the same.

2. Any assignment of a policy or certificate to a person having noinsurable interest in the insured life shall render such assignments voidand of no effect.

3. A charitable, benevolent, educational or religious institutionqualified pursuant to section 501(c)(3) of the federal Internal RevenueCode, as amended, shall be deemed to have an insurable interest in the lifeof 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 inlife 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 theconsent of the person whose life is being insured, as required by section376.531, RSMo.