1105.008 – COMPUTATION OF CASH SURRENDER VALUE ON SURRENDER
Texas Insurance Code § 1105.008
Summary
This law mandates that the cash surrender value of certain insurance policies must be calculated based on the present value of future guaranteed benefits. It applies to policies that are fully paid or continued under nonforfeiture benefits, ensuring policyholders receive fair compensation upon surrendering their policies.
Applies to fully paid or nonforfeiture benefit policies.
Cash surrender value must be calculated by policy anniversary.
Value must not be less than present value of future benefits.
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In simple terms: Learn about Texas's COMPUTATION OF CASH SURRENDER VALUE ON 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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