1114.005 – FINANCED PURCHASE. (a) If a withdrawal,
Texas Insurance Code § 1114.005
Summary
This law addresses situations where a policyholder uses values from an existing insurance policy to pay premiums on a new policy from the same insurer. It establishes a presumption that the policyholder intends to finance the new policy through the existing one, provided certain timeframes are met.
Applies when using existing policy values for new policy premiums.
Establishes a presumption of intent to finance the new policy.
Timeframes of four months before or 13 months after the new policy's effective date are critical.
Frequently Asked Questions
Why Attorneys Choose FlawFinder
Side-by-side with Westlaw and LexisNexis
Feature
FlawFinder
Westlaw
LexisNexis
Monthly price
$19 - $99
$133 - $646
$153 - $399
Contract
None
1-3 year min
1-6 year min
Hidden fees
$0, always
Up to $469/search
$25/mo + per-doc
Police SOPs
✓ 310+ departments
✗
✗
Zero-hallucination AI
✓ CitationGuard
✗
✗
Cancel
One click
Termination fees
No option to cancel
Explain Like I'm 5
In simple terms: Learn about Texas's FINANCED PURCHASE. (a) If a withdrawal, law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
FlawFinder provides legal information, not legal advice. Consult a licensed attorney for specific legal guidance.