1101.055 – SETTLEMENT ON MATURITY LESS THAN FACE VALUE.
Texas Insurance Code § 1101.055
Summary
This law prohibits life insurance policies from settling for less than the total insured amount at maturity, minus any debts or deductions. It ensures policyholders receive fair value upon maturity, protecting their financial interests.
Policies must settle for at least the face value plus dividends.
Deductions for debts and premiums are allowed in the settlement.
Protects policyholders from receiving less than their entitled amount.
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In simple terms: Learn about Texas's SETTLEMENT ON MATURITY LESS THAN FACE VALUE. 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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