1107.102 – COMPUTATION OF PAID-UP ANNUITY BENEFIT UNDER
Texas Insurance Code § 1107.102
Summary
This law governs the calculation of paid-up annuity benefits for certain contracts that lack a cash surrender option. It ensures that the present value of these benefits is not less than a specified minimum based on the contract's maturity value.
Applies to annuity contracts without cash surrender benefits.
Ensures minimum present value for paid-up annuity benefits.
Relates to nonforfeiture options before maturity date.
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In simple terms: Learn about Texas's COMPUTATION OF PAID-UP ANNUITY BENEFIT UNDER 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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