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Texas Insurance Code - INS § 1101.005. Grace Period

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as provided by Subsection (b), a life insurance policy:

(1) must contain a provision for a grace period of at least one month for the payment of each premium after the first payment during which the policy remains in force;  and

(2) may:

(A) provide for an interest charge on a premium paid during a grace period;  or

(B) provide that if an insured dies during a grace period the overdue premium will be deducted from any settlement made under the policy.

(b) The commissioner by rule may require a life insurance policy issued under Section 884.402(3) to contain a grace period that is longer than the grace period required by this section.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1101.005. Grace Period - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1101-005/

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