Texas Statutes and Rules Pertinent to Life Insurance Only
What does it mean that life insurance premiums in Texas are payable in advance?
Answer and explanation
Answer: A. Life insurance is prepaid: each premium purchases the protection for the period ahead. That is why coverage continues through a paid-up period and why the grace period matters when a premium is missed.Source: Texas Insurance Code — Tex. Ins. Code ch. 1101, payment of premiums
More texas statutes and rules pertinent to life insurance only questions
- Under Texas Family Code § 9.301, what happens to a former spouse's designation as beneficiary on a life insurance policy upon divorce?
- Under Texas Insurance Code § 1101.006, after a life insurance policy has been in force during the lifetime of the insured for 2 years from issuance, on what grounds can the insurer contest policy validity?
- Under Texas Insurance Code § 1103.003, who possesses the legal right to designate or change beneficiaries on a life policy unless an irrevocable beneficiary is named?
- Under Texas Insurance Code § 1103.055, how does an absolute assignment of a life insurance policy affect beneficiary rights?
- Under Texas Insurance Code § 1103.102, within how many days after receiving proof of death must an insurer pay a life insurance death claim to avoid statutory interest penalties?
- Under Texas Insurance Code Chapter 425 (Subchapter B), what is the primary statutory purpose of establishing legal reserve requirements for life insurers?
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