Sec. 1153.157. BEGINNING OF TERM OF CREDIT INSURANCE COVERAGE. (a) Except as otherwise provided by this section, the term of credit life insurance or credit accident and health insurance begins, subject to acceptance by the insurer, on the date that the debtor becomes obligated to the creditor.
(b) With respect to an obligation that exists when a group policy takes effect, coverage begins on the later of the effective date of the policy or the date of enrollment for coverage under the policy.
(c) If evidence of insurability is required and is provided after the 30th day after the date the debtor becomes obligated to the creditor, the term of the insurance may begin on the date the insurance company determines that the evidence is satisfactory.
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