Texas Statutes and Rules Pertinent to Life Insurance Only
Under TIC § 1101.005, what statutory minimum grace period must be provided for premium payments on individual life policies in Texas?
Answer and explanation
Answer: A. TIC § 1101.005 mandates a minimum 1-month or 31-day grace period for life insurance premiums.Source: Texas Insurance Code Chapter 1101 — § 1101.005, Grace Period Requirement
More texas statutes and rules pertinent to life insurance only questions
- Under the Texas entire contract requirement, what makes up the agreement between the insurer and the policyowner?
- Under TIC § 1101.005, if a premium is not paid by the due date, how long does policy coverage remain in force during the grace period?
- Under TIC § 1101.009, can an insurer charge interest on back premiums when an insured reinstates a lapsed life policy?
- Under TIC § 1101.009, what maximum timeframe is allowed for an insured to reinstate a lapsed life policy by paying back premiums plus interest and providing proof of insurability?
- Under TIC § 1103.104, from what date is interest calculated if a life insurer delays death benefit payment past 60 days?
- Under TIC § 1131.051, what condition applies to employer-sponsored group life insurance coverage for retired employees?
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