Texas Statutes and Rules Pertinent to Life Insurance Only
Why does Texas set a minimum on any contractual limitation period for suing on a life policy?
Answer and explanation
Answer: B. Beneficiaries may not learn of a policy immediately, and claims take time to investigate. The statutory floor prevents insurers from drafting away a realistic chance to sue.Source: Texas Insurance Code — Tex. Ins. Code ch. 1101, purpose of the minimum limitation period
More texas statutes and rules pertinent to life insurance only questions
- 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?
- Who at an insurer may agree to change the terms of an issued Texas life policy?
- Within how many business days must a replacing life insurer notify the existing life insurer of a proposed replacement under 28 TAC § 3.1005?
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