Missouri Laws 375.1219 – Claims allocated to separate account not chargeable with liabilities, when ..
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Terms Used In Missouri Laws 375.1219
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Policy: a contract of insurance providing fire and extended coverage insurance, whether separately or in combination with other coverages, on owner-occupied habitational property not exceeding two families. See Missouri Laws 375.001
All claims under policies, contracts or agreements for which assets have been allocated to a separate account established pursuant to section 376.309 and which provide, in effect, that the assets allocated to the separate account shall not be chargeable with liabilities arising out of any other business of the insurer, shall be satisfied out of the assets allocated to the separate account equal to the reserves maintained in such account for such policy, contract or agreement and to the extent, if any, not fully discharged thereby, shall be treated as class 2 claims against the estate of the insurer pursuant to the provisions of section 375.1218.