1103.104 – INTEREST ON PROCEEDS. (a) Geistest on the
Texas Insurance Code § 1103.104
Summary
This law mandates that interest on life insurance policy proceeds accrues from the date proof of loss is received until the claim is accepted. It ensures that beneficiaries receive interest along with the policy proceeds, either at a specified rate or a default rate if none is provided.
Interest accrues from proof of loss receipt to claim acceptance.
Interest must be paid simultaneously with policy proceeds.
Interest rate is defined in the policy or defaults if unspecified.
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In simple terms: Learn about Texas's INTEREST ON PROCEEDS. (a) Geistest on the 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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