Maine Revised Statutes Title 24-A Sec. 2407 – Power to contract — purchase of insurance and annuities by minors
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1. Any person of competent legal capacity may contract for insurance.
[PL 1969, c. 132, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2407
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
- Legal age: means the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Minority: when used in reference to age shall mean under the age of 18. See Maine Revised Statutes Title 1 Sec. 72
2. Any minor not less than 15 years of age, nearest birthday, may, notwithstanding the minor’s minority, contract for or own annuities, or insurance, or affirm by novation or otherwise preexisting contracts for annuities or insurance upon the minor’s own life, body, health, property, liabilities or other interests, or on the persons of another in whom the minor has an insurable interest. Such a minor must, notwithstanding such minority, be deemed competent to exercise all rights and powers with respect to or under any contract for annuity or for insurance upon the minor’s own life, body or health, or any contract such minor effected upon the minor’s own property, liabilities or other interests, or any contract effected or owned by the minor on the person of another, as might be exercised by a person of full legal age, and may at any time surrender the minor’s interest in any such contracts and give valid discharge for any benefit accruing or money payable thereunder. Such a minor may not, by reason of the minor’s minority, be entitled to rescind, avoid or repudiate the contract, nor to rescind, avoid or repudiate any exercise of a right or privilege thereunder, except that such a minor not otherwise emancipated may not be bound by any unperformed agreement to pay by promissory note or otherwise, any premium on any such annuity or insurance contract.
[RR 2021, c. 1, Pt. B, §209 (COR).]
3. Any annuity contract or policy of life or health insurance procured by or for a minor under subsection 2 must be made payable either to the minor or the minor’s estate or to a person having an insurable interest in the life of the minor.
[RR 2021, c. 1, Pt. B, §210 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). RR 2021, c. 1, Pt. B, §§209, 210 (COR).