1107.053 – CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS.
Texas Insurance Code § 1107.053
Summary
This law outlines how to calculate the minimum nonforfeiture amount for annuity contracts with fixed payments. It affects insurance companies and policyholders by establishing a standard for nonforfeiture amounts based on specific annual charges.
Applies to annuity contracts with fixed, scheduled payments.
Minimum nonforfeiture amount calculated similarly to flexible contracts.
Annual contract charge capped at $30 or 10% of considerations.
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In simple terms: Learn about Texas's CONTRACT WITH FIXED, SCHEDULED CONSIDERATIONS. 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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