1116.002 – RESCISSION PERIOD REQUIRED. (a) A fixed
Texas Insurance Code § 1116.002
Summary
This law mandates that fixed annuity contracts must allow purchasers a 20-day period to rescind the contract for a full refund. It also applies to variable or modified guaranteed annuity contracts, ensuring consumers have a chance to reconsider their purchase.
Purchasers have 20 days to rescind fixed annuity contracts.
Full refund includes all premiums and fees paid.
Variable annuity contracts also subject to the same rescission period.
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In simple terms: Learn about Texas's RESCISSION PERIOD REQUIRED. (a) A fixed 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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