Any minor sixteen years of age or older may, notwithstanding his or her minority, contract for insurance, including motor vehicle insurance, upon his or her own property or liabilities. The minor is hereby determined to be competent to exercise all rights and powers with respect to or under any such contract as might be exercised by a person of full legal age and may at any time surrender the minor's interest in the contract and give valid discharge for any benefits accruing or money payable thereunder. Having entered into a contract for insurance, the minor is not entitled to rescind, avoid, or repudiate the contract nor to rescind, avoid, or repudiate any exercise of a right or privilege under the contract by reason of minority.
Source: L. 63: p. 573, § 1. C.R.S. 1963: § 72-1-54. L. 2019: Entire section amended, (HB 19-1023), ch. 239, p. 2361, § 1, effective August 2.
Cross references: For competency of persons to enter into any legal contractual obligation, see § 13-22-101.
Structure Colorado Code
Article 4 - Property and Casualty Insurance
§ 10-4-101. Legislative Declaration
§ 10-4-103. Voluntary Partial Payment of Liability Claims Without Admission of Liability
§ 10-4-104. Competency of Minor to Contract for Insurance - Nonavoidance
§ 10-4-105. Valuation of Bonds and Policies Other Than Life
§ 10-4-107. Cancellation of Medical Malpractice Policies
§ 10-4-109. Nonrenewal of Medical Malpractice Policies
§ 10-4-109.7. Notice of Intent Prior to Cancellation of Certain Policies of Insurance
§ 10-4-110. Notice of Intent Prior to Nonrenewal of Certain Policies of Insurance
§ 10-4-110.3. Exclusions Where Claim Involves Sexual Misconduct - Void
§ 10-4-110.4. Exclusion - Claims Involving Loss in Progress Not Known to Insured
§ 10-4-110.6. Homeowner's Insurance - Definition
§ 10-4-110.7. Cancellation or Nonrenewal - Homeowner's Insurance Policies
§ 10-4-111. Summary Disclosure Forms Required
§ 10-4-112. Property Damage - Time of Payment
§ 10-4-114. Requirements on Hazard Insurance Coverage for Loans Secured by Real Property
§ 10-4-115. Private Utilization Review
§ 10-4-116. Use of Credit Information
§ 10-4-117. Loss History Information Report - Notice to Insured - Definition
§ 10-4-119. Monthly and Electronic Payment of Premiums
§ 10-4-120. Unfair or Discriminatory Trade Practices - Legislative Declaration
§ 10-4-121. Authority of Insurer to Protect Policyholders' Property - Emergency