Sec. 887.202. STIPULATED PREMIUM PLAN; DEDUCTION OF UNPAID PREMIUM BALANCE. (a) An association may issue an insurance certificate on a stipulated premium plan that provides for the insured to pay regular premiums weekly, monthly, quarterly, semiannually, or annually, as determined by the insured.
(b) An association may issue an insurance certificate that provides that on the maturity of benefits payable under the certificate any balance of premium for the certificate year remaining unpaid is deducted from the benefits payable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle E - Mutual and Fraternal Companies and Related Entities
Chapter 887 - Provisions Applicable to Certain Mutual Assessment Companies
Subchapter E. Powers and Duties Relating to Insurance and Coverages
Section 887.201. Limit on Life Insurance
Section 887.202. Stipulated Premium Plan; Deduction of Unpaid Premium Balance
Section 887.203. Issuance of Life Insurance Policy by Certain Associations
Section 887.204. Renewal or Reinstatement of Insurance Certificate
Section 887.205. Life Insurance Certificate Beneficiaries
Section 887.206. Payment of Claim; Proof of Claim
Section 887.207. Exception to Full Payment Requirement: Assessment-as-Needed Associations