Tex. Ins. Code § 1151.151 · Subchapter D. RIGHTS OF INSURED UNDER CERTAIN OLDER POLICIES
EXTENDED TERM OR PAID-UP INSURANCE FOR CERTAIN POLICIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) This section applies only to a policy delivered or issued for delivery in this state before March 29, 1941, under former Article 3.43 of this code.
(b) An insured or a beneficiary of the insured is entitled to elect extended term or paid-up insurance under an industrial life insurance policy that does not by its terms provide a stipulated form of insurance to the insured or beneficiary on default in payment of premiums if:
(1) premiums have been paid on the policy for at least three years; and
(2) the insured or beneficiary gives written notice of the election to the insurer at the insurer's home office before the expiration of the term of extended insurance.
(c) An insured or beneficiary who does not make an election as provided by Subsection (b) is considered to have elected extended term insurance.
(d) The net value of extended term or paid-up insurance shall be determined as provided by Section 1151.153.
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.1151.htm
- Text hash
- sha256 efb0a1e17f2917d62ccf3bb1beeaabe1cf4b27c4421c6e2f04ddb058cc264a5b
- 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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