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Texas Insurance Code - INS § 884.403. Policy Requirements

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

(a) A policy issued under Section 884. 402(1) or (2) must be reserved and must comply with the law, including rules, applicable to a policy issued by a company authorized to engage in or engaging in the business of insurance under Chapter 841.

(b) A policy of life insurance issued under Section 884.402(3):

(1) must be reserved in accordance with a reserve table adopted by the department as appropriate for that type of policy;

(2) must contain:

(A) on its first page, a notice that the policy does not provide cash surrender values or other paid up nonforfeiture benefits or loan values;  and

(B) provisions for a grace period for the payment of each premium after the first payment during which the policy remains in force;  and

(3) may not be approved until the commissioner has adopted the standard of valuation, including an appropriate mortality table and interest rate.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 884.403. Policy Requirements - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-884-403/

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