1153.151 – FORMS OF CREDIT LIFE INSURANCE. Credit life
Texas Insurance Code § 1153.151
Summary
This law specifies the acceptable forms of credit life insurance, allowing it to be issued either as an individual policy for a debtor or as a group policy for a creditor covering multiple debtors. It ensures that credit life insurance adheres to structured formats, promoting clarity and compliance in the insurance market.
Allows individual or group policies for credit life insurance.
Policies must be issued on a term plan.
Applies to debtors and creditors in credit transactions.
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In simple terms: Learn about Texas's FORMS OF CREDIT LIFE INSURANCE. Credit 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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