1151.151 – EXTENDED TERM OR PAID-UP INSURANCE FOR CERTAIN
Texas Insurance Code § 1151.151
Summary
This law allows certain policyholders or beneficiaries of industrial life insurance policies issued before March 29, 1941, to choose between extended term or paid-up insurance if premiums are not paid. It specifically applies to policies that do not specify a stipulated form of insurance upon default. This provision helps ensure continued coverage options for eligible individuals.
Applies to policies issued before March 29, 1941.
Allows election of extended term or paid-up insurance.
Covers policies without stipulated insurance forms on premium default.
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In simple terms: Learn about Texas's EXTENDED TERM OR PAID-UP INSURANCE FOR CERTAIN 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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