(a) An industrial life insurance policy issued before the date described by Section 1151.058(2) under which the insured applies for cash surrender value must be surrendered for the specified cash surrender value to the insurer at the insurer’s home office within the grace period following the due date of the defaulted premium.
(b) The insurer may defer payment for a period of not more than six months after the date of application for the specified cash surrender value.