Texas Statutes and Rules Pertinent to Life Insurance Only
Under Texas law, why does it matter that an insured's application statements are representations rather than warranties?
Answer and explanation
Answer: B. A warranty must be literally true and any breach defeats the contract. A representation defeats it only if false and material, which protects insureds against innocent or trivial errors.Source: Texas Insurance Code — Tex. Ins. Code ch. 1101, materiality and misrepresentation
More texas statutes and rules pertinent to life insurance only questions
- What requirement applies to a life insurance producer if an applicant indicates that replacement is NOT involved in the application under 28 TAC § 3.1004?
- What restriction applies to suicide clause exclusions in Texas individual life policies under TIC § 1101.055?
- Which document provides generic information explaining life insurance types, coverage choices, and cost comparison methods to consumers?
- Which mortality table standard is prescribed under TIC Chapter 425 for calculating minimum legal reserves for Texas individual life policies?
- Which provision may NOT be included in a Texas individual life insurance policy?
- Which transaction is EXEMPT from Texas replacement regulations under 28 TAC § 3.1003?
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