1151.154 – SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER
Texas Insurance Code § 1151.154
Summary
This law allows policyholders of certain industrial life insurance policies to surrender their policy for a specified cash surrender value. It requires the policy to be submitted to the insurer within a grace period after a premium payment is missed, and the insurer can delay payment for up to six months.
Applies to industrial life insurance policies issued before a specific date.
Policy must be surrendered within the grace period after a missed premium.
Insurer can defer payment for up to six months.
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In simple terms: Learn about Texas's SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER 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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