1101.013 – STATEMENT OF MAXIMUM AMOUNT PAYABLE UNDER FAMILY
Texas Insurance Code § 1101.013
Summary
This law requires family group life insurance policies to specify the maximum payout amount upon the death of an insured. It also mandates that any conditions affecting the payout amount be clearly outlined in the policy. This ensures transparency for policyholders and beneficiaries regarding potential benefits.
Requires clear statement of maximum payout amount.
Mandates disclosure of conditions affecting payout.
Affects family group life insurance policies specifically.
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In simple terms: Learn about Texas's STATEMENT OF MAXIMUM AMOUNT PAYABLE UNDER FAMILY 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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