This law requires modified guaranteed contracts to include nonforfeiture values based on a market-value adjustment formula. It affects insurers and policyholders by ensuring transparency regarding potential changes in nonforfeiture values based on market conditions.
Contracts must include nonforfeiture values based on market adjustments.
Nonforfeiture values may change if the contract is held shorter than specified.
Contracts must clearly state potential increases or decreases in values.
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In simple terms: Learn about Texas's NONFORFEITURE VALUES. (a) A modified 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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