Sec. 1151.154. SURRENDER OF POLICY FOR SPECIFIED CASH SURRENDER VALUE. (a) An industrial life insurance policy issued before the date described by Section 1151.058(2) under which the insured applies for cash surrender value must be surrendered for the specified cash surrender value to the insurer at the insurer's home office within the grace period following the due date of the defaulted premium.
(b) The insurer may defer payment for a period of not more than six months after the date of application for the specified cash surrender value.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle C - Specialized Coverages
Chapter 1151 - Industrial Life Insurance
Subchapter D. Rights of Insured Under Certain Older Policies
Section 1151.151. Extended Term or Paid-Up Insurance for Certain Policies
Section 1151.154. Surrender of Policy for Specified Cash Surrender Value