1101.156 – PURCHASE OF OTHER INSURANCE AND REINSTATEMENT.
Texas Insurance Code § 1101.156
Summary
This law requires life insurance policies to allow the policyholder to use the policy's value to purchase other insurance if premium payments are missed. Additionally, it permits reinstatement of the original policy within three years, provided certain conditions are met.
Policy value can fund other insurance if premiums default.
Original policy can be reinstated within three years.
Reinstatement requires other purchased insurance to remain active.
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In simple terms: Learn about Texas's PURCHASE OF OTHER INSURANCE AND REINSTATEMENT. 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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