1105.010 – PRORATION OF VALUES; NET VALUE OF PAID-UP
Texas Insurance Code § 1105.010
Summary
This law outlines how to calculate the cash surrender value and nonforfeiture benefits for insurance policies when premiums are not paid on time. It affects policyholders who may default on premium payments and ensures they receive a fair value based on the time elapsed since the last policy anniversary.
Calculates cash surrender value for late premium payments.
Considers time lapse and fractional premiums since last anniversary.
Nonforfeiture benefits are not mandatory unless cash value exists.
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In simple terms: Learn about Texas's PRORATION OF VALUES; NET VALUE OF PAID-UP 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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