Texas Insurance Code 1152.109 – Variable Benefits Provisions
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(a) A contract providing benefits payable in variable amounts that is delivered or issued for delivery in this state must state the essential features of the procedures the insurance company will follow in determining the dollar amount of the variable benefits.
(b) A contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued under that group contract, must state:
(1) on its first page, that the benefits under the contract are on a variable basis; and
(2) that the dollar amount will vary.
Terms Used In Texas Insurance Code 1152.109
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.