1101.005 – GRACE PERIOD. (a) Except as provided by
Texas Insurance Code § 1101.005
Summary
This law mandates that life insurance policies must include a grace period of at least one month for premium payments after the initial payment. It ensures that policyholders have additional time to pay premiums without losing coverage, and outlines options for handling overdue payments in the event of the insured's death during this period.
Life insurance policies must offer a minimum one-month grace period.
Interest may apply on premiums paid during the grace period.
Overdue premiums can be deducted from death benefits if applicable.
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In simple terms: Learn about Texas's GRACE PERIOD. (a) Except as provided by law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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