Texas Insurance Code

§ 887.253 — LIFE INSURANCE CERTIFICATE FORMS

IN § 887.253Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part E. MUTUAL AND FRATERNAL COMPANIES AND RELATED ENTITIES · Ch. 887. PROVISIONS APPLICABLE TO CERTAIN MUTUAL ASSESSMENT COMPANIES · Art. F. CONTENTS OF APPLICATIONS AND INSURANCE CERTIFICATES

Statute text

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(a)A life insurance certificate issued by an association must include:

(1)on the front page of the certificate, a definitive statement of the amount of the death benefit to be paid; and

(2)a plain statement of the circumstances or conditions under which the benefit is to be paid.

(b)A life insurance certificate must provide that if the age of the insured is misstated, the amount of insurance is the amount that the premium paid would have purchased if the age had been stated correctly, based on rates in effect when the insured dies.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.