PROHIBITED PROVISIONS.
Tex. INS Code § 1151.102.
in effect(a) An industrial life insurance policy may not:
(1) require a cause of action based on the policy to be initiated before the second anniversary of the date the cause of action accrues; or
(2) except as otherwise provided by this subchapter, establish a method of settlement at maturity that provides less value than the face amount of insurance coverage provided by the policy and any dividend additions to the policy, less:
(A) any debt owed to the insurer on the policy; and
(B) any premium that may be deducted under the terms of the policy.
(b) Subsection (a)(2) does not prevent a limitation from being imposed on payment of an additional accidental death benefit in case of accidental death resulting from certain specified causes.
(c) A nonparticipating or term policy may not incorporate any part of a provision described by Subchapter B or Section 1151.152 that does not apply to that type of policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
SUBCHAPTER D. RIGHTS OF INSURED UNDER CERTAIN OLDER POLICIES