1101.154 – SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER
Texas Insurance Code § 1101.154
Summary
This law allows policyholders of certain life insurance policies to surrender their policy for its cash value after three years of premium payments. It mandates that the policy must specify the cash surrender value and outlines the process for surrendering the policy to the issuing company.
Policyholders can surrender after three years of premium payments.
The policy must specify the cash surrender value.
Surrender must occur at the company's home office.
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In simple terms: Learn about Texas's SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER 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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