376.562. Charitable, benevolent, educational and religious organizations may be beneficiary or owner of policy, life insurance, when--fraud or coercion, exception.
Charitable, benevolent, educational and religious organizations maybe beneficiary or owner of policy, life insurance, when--fraud orcoercion, exception.
376.562. It shall be lawful for any charitable, benevolent,educational or religious institution qualified pursuant to section501(c)(3) of the Internal Revenue Code, as amended, to solicit, procure andenforce, in the absence of any fraud or coercion, the payment of proceedsof:
(1) An assignment or designation as beneficiary, a gift or assignmentof 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 aninsured if the charitable, benevolent, educational or religious institutionhas obtained the consent of the person whose life is being insured, asrequired by section 376.531.
(L. 1992 H.B. 1574 § 376.560, A.L. 1997 H.B. 622)