1112.002 – CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT
Texas Insurance Code § 1112.002
Summary
This law establishes that certain guarantees in insurance policies or coupons issued after September 5, 1955, are treated as definite contract benefits. It outlines how these benefits should be valued and sets reserve requirements for insurers.
Applies to guarantees in policies issued after September 5, 1955.
Guarantees are treated as definite contract benefits.
Valuation must comply with specific reserve requirements.
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In simple terms: Learn about Texas's CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT 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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