1105.009 – COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS.
Texas Insurance Code § 1105.009
Summary
This law outlines how to calculate paid-up nonforfeiture benefits for insurance policies when premium payments are defaulted. It ensures that the present value of these benefits is at least equal to the available cash surrender value or a specified alternative if no cash surrender value exists.
Ensures minimum present value for nonforfeiture benefits.
Applies when premium payments are not made on time.
Protects policyholders by guaranteeing value retention.
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In simple terms: Learn about Texas's COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS. 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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