1107.106 – MINIMUM NONFORFEITURE VALUES UNDER CONTRACT THAT
Texas Insurance Code § 1107.106
Summary
This law establishes minimum nonforfeiture values for contracts offering both annuity and life insurance benefits. It ensures that policyholders receive a fair value if they choose to surrender their contract before maturity.
Applies to contracts with both annuity and life insurance benefits.
Minimum values are based on cash surrender benefits or gross considerations paid.
Protects policyholders from losing value upon early contract termination.
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In simple terms: Learn about Texas's MINIMUM NONFORFEITURE VALUES UNDER CONTRACT THAT 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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