Texas Insurance Code 1101.203 – Applicability
(a) This subchapter applies to a life insurance policy issued by an insurer, as defined by Section 1102.001, that contains non-guaranteed charges that may change at the discretion of the insurer.
(b) This subchapter does not apply to:
(1) group life insurance without separately identifiable accounts for insureds;
(2) a life insurance policy in which the insurer assumes all risk and contractually guarantees a death benefit in exchange for a guaranteed premium set at the time of the policy’s issuance;
(3) an individual or group annuity contract;
(4) credit life insurance;
(5) a life insurance policy with no illustrated death benefits on any individual exceeding $10,000;
(6) a bank-owned or corporate-owned life insurance policy; or
(7) a life insurance policy that does not provide for cash values or nonforfeiture values.
Terms Used In Texas Insurance Code 1101.203
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.