376.630. Life insurance policies not to be forfeited or become invalid, when.
Life insurance policies not to be forfeited or become invalid, when.
376.630. No policies of insurance on life issued prior tothe operative date of section 376.670 by any life insurancecompany authorized to do business in this state shall, afterpayment upon it of three or more annual payments, be forfeited orbecome void by reason of nonpayment of premiums thereon, but itshall be subject to the following rules of commutation, to wit:The net value of the policy, when the premium becomes due and isnot paid, shall be computed upon the actuaries' or combinedexperience table of mortality with four percent interest perannum, and after deducting from three-fourths of such net valuethe unpaid portion of any notes given on account of past premiumpayments on said policy and any other indebtedness to the companysecured by said policy, which notes and indebtedness shall thenbe canceled, the balance shall be taken as a net single premiumfor temporary insurance (extended insurance). The amount of suchtemporary insurance shall be such as is specified in the policy,but never less than the face amount insured by the policy reducedby the unpaid portion of notes and indebtedness aforesaid; andthe term for which said temporary insurance shall be in forceshall be determined by the attained age of the person whose lifeis insured at the time of default of premium, the assumption ofmortality and interest aforesaid, the amount of temporaryinsurance granted and the net single premium available fortemporary insurance previously defined; provided, that if theoriginal policy shall be an endowment, payable at a certain timeor at death, if it should occur previously, then if the netsingle premium available for temporary insurance as aforesaidshall exceed the net single premium for temporary insurancegranted for the remainder of the endowment term, such excessshall be considered as a net single premium for pure endowment ofas much as said excess of premiums will purchase, determined bythe attained age of the insured at date of default in the paymentof premiums on the original policy, and the table of mortalityand interest aforesaid, which amount of pure endowment shall bepaid at the end of the original term of endowment if the insuredshall then be alive.
(RSMo 1939 § 5852, A.L. 1943 p. 596)Prior revisions: 1929 § 5741; 1919 § 6151; 1909 § 6946
(1965) Where plaintiff seeks the benefits of this section, he must accept the conditions of the statute and the policy relating to nonforfeiture, and he cannot force an acceleration of the action of the statute upon the company. Fayman v. Franklin Life Insurance Company (Mo.), 386 S.W.2d 52.