Texas Finance Code

§ 154.205 — CANCELLATION OF INSURANCE-FUNDED CONTRACT

FI § 154.205Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. E. INSURANCE-FUNDED PREPAID FUNERAL BENEFITS

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(a)A purchaser of an insurance-funded prepaid funeral benefits contract may cancel the contract before maturity by giving written notice of cancellation to the permit holder. The permit holder shall maintain copies of the written notice of cancellation until the third anniversary of the date of receipt of notice.

(b)Cancellation of the contract under Subsection (a) does not automatically cancel the insurance policy funding the prepaid funeral benefits contract. The insurance policy may be canceled in accordance with the terms and conditions of the policy in exchange for the policy's cash surrender value. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by:

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 18, eff. September 1, 2009.