Examinations — beneficiary — change in beneficiary — charitable, benevolent, educational and religious organizations have insurable interest — fraud or coercion, exception

1. No corporation, company or association transacting business pursuant to sections 377.200 to 377.460 shall issue a certificate or policy to any person until the applicant has been examined by a physician duly licensed and appointed by the company as its medical examiner, nor unless the beneficiary named in the certificate or policy is the husband, wife, legal representative, relative, heir, creditor or legatee of the insured, or who may have an insurable interest in the insured. 2. The beneficiary named in the certificate or policy may be changed as may be provided for in the articles of incorporation or bylaws, except that no change shall be made from a wife to a creditor without her written consent. 3. A charitable, benevolent, educational or religious institution qualified pursuant to section 501(c)(3) of the federal Internal Revenue Code, as amended, shall be deemed to have an insurable interest in the life of an insured individual if, in the absence of any fraud or coercion: (1) The individual has designated the institution as a beneficiary; (2) The individual has made a gift or an assignment of an interest in life insurance on the life of such insured individual; or (3) The life insurance is owned by such charitable, benevolent, educational or religious institution and such institution has obtained the consent of the person whose life is being insured, as required by section 376.531.