1101.054 – RETROACTIVE ISSUANCE OR EFFECT; EXCHANGE OR
Texas Insurance Code § 1101.054
Summary
This law restricts life insurance policies from being issued retroactively beyond six months from the application date if it results in a lower age rating for the insured. It aims to protect consumers from unfair age-related premium calculations. Insurers must comply with these provisions to ensure fair practices.
Limits retroactive issuance of life insurance policies to six months.
Prevents age rating that is younger than the insured's actual age.
Ensures fair premium calculations for consumers.
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In simple terms: Learn about Texas's RETROACTIVE ISSUANCE OR EFFECT; EXCHANGE OR 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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