2005 Idaho Code - 41-1807 — POWER TO CONTRACT -- PURCHASE OF INSURANCE BY MINORS

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 18
                            THE INSURANCE CONTRACT
    41-1807.  POWER TO CONTRACT -- PURCHASE OF INSURANCE BY MINORS. (1) Any
person of competent legal capacity may contract for insurance.
    (2)  Any minor not less than fifteen (15) years of age, notwithstanding
his minority, may contract for annuities or for insurance upon his own life,
body, health, property, liabilities or other interests, or on the person of
another in whom the minor has an insurable interest. Such a minor shall,
notwithstanding such minority, be deemed competent to exercise all rights and
powers with respect to or under (a) any contract for annuity or for insurance
upon his own life, body or health, or (b) any contract such minor effected
upon his own property, liabilities or other interests, or on the person of
another, as might be exercised by a person of full legal age, and may at any
time surrender his interest in any such contracts and give valid discharge for
any benefit accruing or money payable thereunder. Such a 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 such a minor not otherwise emancipated,
shall not be bound by any unperformed agreement to pay by promissory note or
otherwise, any premium on any such annuity or insurance contract.
    (3)  Any annuity contract or policy of life or disability insurance
procured by or for a minor under subsection (2) above, shall be made payable
either to the minor or his estate or to a person having an insurable interest
in the life of the minor.