377.060. Policy to specify amount to be paid, when payable.
Policy to specify amount to be paid, when payable.
377.060. Every policy or certificate hereafter issued by anycorporation of this state doing business in conformity with theprovisions of sections 377.010 to 377.190, and promising apayment to be made upon a contingency of death, sickness,disability or accident, shall specify the exact sum of moneywhich it promises to pay upon each contingency insured against,and the number of days after satisfactory proof of the happeningof such contingency at which such payment shall be made, and uponthe occurrence of such contingency, unless the contract shallhave been voided for fraud or breach of its conditions, thecorporation shall be obligated to the beneficiary for suchpayment at the time and to the amount specified in the policy orcertificate; and the said indebtedness shall be a lien upon allthe property, effects and bills receivable of the corporation,with priority over all indebtedness thereafter incurred, exceptas may be provided by the law in case of the distribution ofassets of an insolvent corporation.
(RSMo 1939 § 5858)Prior revisions: 1929 § 5747; 1919 § 6157; 1909 § 6952