Missouri Revised Statutes













Chapter 376

Life, Health and Accident Insurance

←376.673

Section 376.674.1

376.675→

August 28, 2015

Life insurance policies, no cash surrender value, regulations relative to.

376.674. 1. Notwithstanding any provision of section 376.670 to the

contrary, after September 28, 1987, a company may issue policies of life

insurance which differ from its existing or currently filed policies only in

that they do not provide for any cash surrender value prior to the death of

the life insured. If a policy provides for any cash surrender value,

endowment, or pure endowment prior to the death of the life insured, this

exemption shall not apply. Any policy without cash surrender values, for

which one or more cash surrender values would otherwise have been required,

shall contain on its first page a concise, exact description set out in

contrasting type at least four points larger than used in the body of that

page a statement in a prominent place that such values are not provided and

that no policy loans are available under the policy. The company shall

provide to each prospective purchaser of such a policy a policy summary, the

form of which shall be filed for approval pursuant to section 376.675 which

includes the same description as the policy, similarly displayed, and which

shows the premium said company charges for the same policy when cash

surrender values are included. Such policy summary shall be delivered before

any premium is accepted.



2. Except for the requirement of payment upon surrender, the

nonforfeiture amounts for such policies shall be subject to all provisions of

this chapter which apply to the cash surrender values of otherwise similar

life insurance policies with cash surrender values.



3. The insurance laws of this state relating to policy loans shall not

apply to policies which do not provide cash surrender values.



(L. 1987 S.B. 337)







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