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Texas Insurance Code - INS § 1151.102. Prohibited Provisions

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

(a) An industrial life insurance policy may not:

(1) require a cause of action based on the policy to be initiated before the second anniversary of the date the cause of action accrues;  or

(2) except as otherwise provided by this subchapter, establish a method of settlement at maturity that provides less value than the face amount of insurance coverage provided by the policy and any dividend additions to the policy, less:

(A) any debt owed to the insurer on the policy;  and

(B) any premium that may be deducted under the terms of the policy.

(b) Subsection (a)(2) does not prevent a limitation from being imposed on payment of an additional accidental death benefit in case of accidental death resulting from certain specified causes.

(c) A nonparticipating or term policy may not incorporate any part of a provision described by Subchapter B or Section 1151.152 that does not apply to that type of policy.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1151.102. Prohibited Provisions - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1151-102/

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