377.300. Policy to specify amount to be paid--effect of refusal to pay. - Missouri Statutes

Policy to specify amount to be paid--effect of refusal to pay.

377.300. 1. Every policy hereafter issued by anycorporation, company or association doing business under theprovisions of sections 377.200 to 377.460 and promising anypayments to be made upon a contingency provided for in sections377.200 to 377.460, shall specify the sum of money which itpromises to pay upon each contingency insured against and thetime or times of payment after satisfactory proof of thehappening of such contingency, unless the contract shall havebeen voided by fraud or breach of its conditions and warranties,or commuted, as provided for in section 377.260, the companyshall be obligated to the beneficiaries of the insured for suchpayment at the time or times specified and to the amount dueunder the policy.

2. If any company fail or refuse to make such payment forninety days after final judgment has been obtained under suchclaim, the director or other officer charged with the supervisionof insurance matters shall notify the company to issue no newpolicies until such indebtedness is fully paid, and no officer oragent of the company shall make, sign or issue any policy ofinsurance while such notice is in force.

(RSMo 1939 § 5879)

Prior revisions: 1929 § 5768; 1919 § 6178; 1909 § 6972