1131.702 – PAYMENT OF PREMIUMS. The premium for the policy
Texas Insurance Code § 1131.702
Summary
This law mandates that premiums for insurance policies must be paid using either the policyholder's funds, funds from insured individuals, or a combination of both. It ensures clarity on the sources of premium payments, which is crucial for policyholders and insurers.
Premiums must come from policyholder or insured funds.
Combination of both sources is allowed.
Clarifies payment responsibilities for insurance policies.
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In simple terms: Learn about Texas's PAYMENT OF PREMIUMS. The premium for the 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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