Sec. 1153.155. LIMITS ON AMOUNT OF CREDIT LIFE INSURANCE. (a) The initial amount of credit life insurance on a debtor may not exceed the total amount of debt repayable under the contract that evidences the credit transaction.
(b) If the debt is repayable in substantially equal installments, the amount of insurance may not at any time exceed the greater of the scheduled or actual unpaid amount of the debt under the contract.
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 1153 - Credit Life Insurance and Credit Accident and Health Insurance
Subchapter D. Credit Insurance Requirements
Section 1153.151. Forms of Credit Life Insurance
Section 1153.152. Forms of Credit Accident and Health Insurance
Section 1153.153. Evidence of Insurance
Section 1153.154. Requirements for Delivery or Issuance of Credit Insurance Policy
Section 1153.155. Limits on Amount of Credit Life Insurance
Section 1153.156. Limits on Amount of Credit Accident and Health Insurance
Section 1153.157. Beginning of Term of Credit Insurance Coverage
Section 1153.158. Delivery of Evidence of Insurance to Debtor
Section 1153.159. Requirements Relating to Application for Insurance or Notice of Proposed Insurance