Missouri Laws 377.310 – Examinations — beneficiary — change in beneficiary — charitable, ..
1. No corporation, company or association transacting business pursuant to sections 377.200 to 377.460 shall issue a certificate or policy to any person until the applicant has been examined by a physician duly licensed and appointed by the company as its medical examiner, nor unless the beneficiary named in the certificate or policy is the husband, wife, legal representative, relative, heir, creditor or legatee of the insured, or who may have an insurable interest in the insured.
2. The beneficiary named in the certificate or policy may be changed as may be provided for in the articles of incorporation or bylaws, except that no change shall be made from a wife to a creditor without her written consent.
Terms Used In Missouri Laws 377.310
- 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.
- Legatee: A beneficiary of a decedent
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. 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.