1107.101 – PRESENT VALUE OF NONFORFEITURE BENEFITS. (a)
Texas Insurance Code § 1107.101
Summary
This law ensures that the present value of paid-up annuity benefits under an annuity contract meets or exceeds the minimum nonforfeiture amount when payments begin. It affects insurance companies and policyholders by establishing a financial baseline for annuity contracts.
Ensures minimum value for paid-up annuity benefits.
Applies when annuity payments are set to begin.
Calculations must consider mortality tables and interest rates.
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In simple terms: Learn about Texas's PRESENT VALUE OF NONFORFEITURE BENEFITS. (a) 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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