1152.108 – GRACE, REINSTATEMENT, AND NONFORFEITURE
Texas Insurance Code § 1152.108
Summary
This law mandates that individual variable life insurance and annuity contracts in Texas include specific provisions for grace periods, reinstatement, and nonforfeiture. Group variable contracts must also include an appropriate grace period provision, ensuring policyholders have protections in place during lapses in payment.
Individual contracts must include grace, reinstatement, and nonforfeiture provisions.
Group contracts require an appropriate grace period provision.
Protects policyholders from losing coverage due to payment lapses.
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In simple terms: Learn about Texas's GRACE, REINSTATEMENT, AND NONFORFEITURE 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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