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Texas Insurance Code - INS § 1114.003. Definition of Policy Summary

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

(a) For purposes of this chapter, “policy summary” has the meaning assigned by this section.

(b) For a policy or contract other than a universal life insurance policy, “policy summary” means a written statement regarding the policy or contract that at minimum contains, to the extent applicable, the following information:

(1) the current death benefit;

(2) the annual contract premium;

(3) the current cash surrender value;

(4) the current dividend;

(5) the application of the current dividend;  and

(6) the amount of any outstanding loan.

(c) For a universal life insurance policy, “policy summary” means a written statement that contains, at minimum, the following information:

(1) the beginning and ending date of the current reporting period;

(2) the policy value at the end of the previous reporting period and at the end of the current reporting period;

(3) the total amounts that have been credited or debited to the policy value during the current reporting period, identifying each by type, including interest, mortality, expense, and riders;

(4) the current death benefit at the end of the current reporting period on each life covered by the policy;

(5) the net cash surrender value of the policy as of the end of the current reporting period;  and

(6) the amount of any outstanding loans as of the end of the current reporting period.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1114.003. Definition of Policy Summary - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1114-003/

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