Missouri Laws 377.080 – Limitations on the issuance of policies — charitable, benevolent, ..
1. No corporation doing business pursuant to sections 377.010 to 377.190 shall issue a certificate or policy upon the life of any person who at nearest birthday is more than sixty years of age, nor upon any life in which the beneficiary named has no insurable interest, nor as an endowment to any insured person while living, and every call for payments by the policy or certificate holders shall distinctly state the purposes of the same.
2. Any assignment of a policy or certificate to a person having no insurable interest in the insured life shall render such assignments void and of no effect.
Terms Used In Missouri Laws 377.080
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fraud: Intentional deception resulting in injury to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
3. A charitable, benevolent, educational or religious institution qualified pursuant to section 501(c)(3) of the federal Internal Revenue Code, as amended, shall be deemed to have an insurable interest in the life of 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 in life 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 the consent of the person whose life is being insured, as required by section 376.531.