Texas Statutes and Rules Pertinent to Life Insurance Only
A delivered Texas life policy says the buyer has only five days to examine the policy. What is the compliance problem?
Answer and explanation
Answer: B. TDI states that Texas life policies have a free-look period of at least 10 to 20 days, during which the policy may be canceled for any reason for a full refund.Source: Texas Department of Insurance — Life Insurance Guide — Shopping for life insurance > Use your free-look period
More texas statutes and rules pertinent to life insurance only questions
- Under TIC § 1131.051, what restriction applies to dependent group life insurance coverage issued to cover an employee's spouse or children?
- Under TIC § 1131.051, what restriction applies to employer group life policies regarding individual selection of insurance amounts?
- Under TIC § 1131.053, what requirement applies to creditor group life insurance issued to cover debtors?
- Under TIC § 1131.055, can a credit union issue group life insurance covering its members?
- Under TIC § 1131.056, can a labor union or trade association establish a group life insurance plan for its members?
- What condition must an insured fulfill to reinstate a lapsed life policy under TIC § 1101.009 besides paying back premiums with interest?
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