377.270. 1. Any corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 may issue limited payment or any form of investment policies; provided, that the premiums shall not be less than the net term rate for the kind of policy issued, increased by such sum as will, improved at four percent, equal the net single premium for the attained age, at the end of the paying term of the policy, according to the actuaries' or combined experience table of mortality on which its calculations are based.
2. Said increase of premium shall be reserved in a separate fund for the purpose of sustaining such policies after the cessation of premium payments, and shall be deposited with the department of insurance, financial institutions and professional registration in such securities as are now required by law.
3. If any such corporation doing business under the provisions of sections 377.200 to 377.460 shall fail to state in its limited payment policies the portion of each of the premiums to be held by it for the purpose of sustaining the policy after the years during which the premiums are to be paid, then all such limited payment policies or investment policies that may be issued shall be valued according to the actuaries' or combined experience table and interest at four percent.
(RSMo 1939 § 5876)Prior revisions: 1929 § 5765; 1919 § 6175; 1909 § 6969
Missouri General Assembly