377.310. Examinations--beneficiary--change in beneficiary--charitable, benevolent, educational and religious organizations have insurable interest--fraud or coercion, exception.

MISSOURI STATUTES AND CODES

377.310. Examinations--beneficiary--change in beneficiary--charitable, benevolent, educational and religious organizations have insurable interest--fraud or coercion, exception.

Examinations--beneficiary--change in beneficiary--charitable,benevolent, educational and religious organizations have insurableinterest--fraud or coercion, exception.

377.310. 1. No corporation, company or association transactingbusiness pursuant to sections 377.200 to 377.460 shall issue a certificateor policy to any person until the applicant has been examined by aphysician duly licensed and appointed by the company as its medicalexaminer, nor unless the beneficiary named in the certificate or policy isthe husband, wife, legal representative, relative, heir, creditor orlegatee of the insured, or who may have an insurable interest in theinsured.

2. The beneficiary named in the certificate or policy may be changedas may be provided for in the articles of incorporation or bylaws, exceptthat no change shall be made from a wife to a creditor without her writtenconsent.

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.