The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
GENERALLY
(Cite as: 8 V.S.A. § 3710)
-
§ 3710. Power to contract—Purchase of annuities or insurance by minors
(a) Any person of competent legal capacity may contract for insurance.
(b) Any minor not less than 15 years of age, notwithstanding his or her minority, may
contract for or own annuities or insurance or affirm by novation or otherwise preexisting
contracts for annuities or insurance upon his or her 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 (i) any contract
for annuity or for insurance upon his or her own life, body, or health, or (ii) any
contract such minor effected upon his or her own property, liabilities, or other interests,
or (iii) any contract effected or owned by the minor, on the person of another, as
might be exercised by a person of full legal age, and may at any time surrender his
or her 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 or her 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 consideration or premium on any such annuity
or insurance contract.
(c) Any annuity contract or policy of life or disability insurance procured by or for
a minor under subsection (b) of this section shall be made payable either to the minor
or his or her estate or to a person having an insurable interest in the life of the
minor. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 10).)