20-1106
|
20-1106. Capacity to contract for insurance; minors A. Any person of competent legal capacity may contract for insurance. B. A minor not less than fifteen years of age as of his nearest birthday may, notwithstanding his minority, contract for life or disability insurance on his own life or body, for his own benefit or for the benefit of his father or mother, spouse, child, brother, sister or grandparents. The minor shall, notwithstanding his minority, be deemed competent to exercise all rights and powers with respect to or under any contract of life or disability insurance on his own life or body, as though of full legal age, and may surrender his interest therein and give a valid discharge for any benefit accruing or money payable thereunder. The minor shall not, by reason of his minority, be entitled to rescind, avoid or repudiate the contract, nor to rescind, avoid or repudiate any exercise of a right or privilege thereunder, except that the minor, not otherwise emancipated, shall not be bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on such an insurance contract. |