Tex. Ins. Code § 1101.154 · Subchapter D. RIGHTS OF INSURED UNDER CERTAIN OLDER POLICIES
SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER VALUE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A life insurance policy to which this subchapter applies must:
(1) provide within one month after a due date for a premium, after premiums have been paid for three years, the policy may be surrendered to the company that issues the policy at the company's home office in return for an amount equal to the cash value of the policy; and
(2) specify the cash value of the policy, which, subject to Subsection (b), may not be less than the amount that would otherwise be available to secure insurance in accordance with Section 1101.152.
(b) The cash value of the policy may not exceed the amount of the policy reserve.
(c) The policy may provide that the company that issues the policy may defer payment of the cash value of the policy for a period not to exceed six months after the date of application for the payment.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1101.htm
- Text hash
- sha256 45a0a30e4fa7873f8110df368e878181c3a716352610cf670e600dfe267c9909
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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