1107.054 – CONTRACT WITH SINGLE CONSIDERATION. For an
Texas Insurance Code § 1107.054
Summary
This law outlines how to calculate the minimum nonforfeiture amount for annuity contracts that require a single payment. It affects insurers and policyholders by ensuring that the calculation aligns with those for flexible consideration contracts, but with specific adjustments for single payments.
Applies to annuity contracts with a single payment.
Minimum nonforfeiture amount calculated similarly to flexible contracts.
Uses gross considerations paid for net consideration amount.
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In simple terms: Learn about Texas's CONTRACT WITH SINGLE CONSIDERATION. For an 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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