1107.051 – MINIMUM NONFORFEITURE AMOUNT. The minimum value
Texas Insurance Code § 1107.051
Summary
This law establishes the minimum nonforfeiture amount for paid-up annuities, cash surrender values, and death benefits. It affects insurance companies and policyholders by ensuring a minimum value is maintained in these financial products.
Sets minimum nonforfeiture amounts for certain insurance benefits.
Applies to paid-up annuities, cash surrenders, and death benefits.
Ensures policyholders receive a guaranteed minimum value.
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In simple terms: Learn about Texas's MINIMUM NONFORFEITURE AMOUNT. The minimum value 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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