1151.102 – PROHIBITED PROVISIONS. (a) An industrial life
Texas Insurance Code § 1151.102
Summary
This law prohibits certain provisions in industrial life insurance policies, specifically regarding the timing of legal actions and settlement values. It ensures that policyholders can initiate claims without unnecessary delays and receive at least the face value of their coverage upon maturity.
Claims cannot be delayed beyond two years after accrual.
Settlement methods must provide at least the policy's face value.
Protects policyholders from unfair policy terms.
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In simple terms: Learn about Texas's PROHIBITED PROVISIONS. (a) An industrial life 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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