1131.057 – CREDITORS. (a) A group life insurance policy
Texas Insurance Code § 1131.057
Summary
This law allows creditors to obtain group life insurance policies to cover their debtors. The creditor acts as the policyholder, ensuring that debts are secured in the event of a debtor's death. This provision is particularly relevant for financial institutions and businesses extending credit.
Creditors can insure their debtors with group life policies.
The creditor serves as the policyholder.
Policies must comply with Subchapter J regulations.
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In simple terms: Learn about Texas's CREDITORS. (a) A group life insurance policy 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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