1151.058 – NONFORFEITURE BENEFITS AND CASH SURRENDER VALUES
Texas Insurance Code § 1151.058
Summary
This law mandates that industrial life insurance policies must offer nonforfeiture benefits and cash surrender values if premiums are not paid. It applies to policies issued after specific dates outlined in related sections of the Texas Insurance Code.
Requires nonforfeiture benefits for defaulted premium payments.
Applies to industrial life insurance policies.
Covers policies issued after specified dates in the code.
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In simple terms: Learn about Texas's NONFORFEITURE BENEFITS AND CASH SURRENDER VALUES 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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