Section 376.562

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 1997   

  376.562.  Charitable, benevolent, educational and religious organizations may be beneficiary or owner of policy, life insurance, when — fraud or coercion, exception. — It shall be lawful for any charitable, benevolent, educational or religious institution qualified pursuant to section 501(c)(3) of the Internal Revenue Code, as amended, to solicit, procure and enforce, in the absence of any fraud or coercion, the payment of proceeds of:

  (1)  An assignment or designation as beneficiary, a gift or assignment of an interest in life insurance in the life of a donor or assignor; or

  (2)  An ownership of an interest in life insurance on the life of an insured if the charitable, benevolent, educational or religious institution has obtained the consent of the person whose life is being insured, as required by section 376.531.

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(L. 1992 H.B. 1574 § 376.560, A.L. 1997 H.B. 622)