Sec. 1153.160. TERMINATION OF CREDIT INSURANCE. (a) The term of credit life insurance or credit accident and health insurance must end not later than the 15th day after the scheduled maturity date of the debt unless the coverage after that date is without additional cost to the debtor.
(b) If the debt is discharged by renewing or refinancing the debt before the scheduled maturity date, the insurance in force must terminate before new insurance may be issued in connection with the renewed or refinanced debt.
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