Texas Insurance Code 1152.108 – Grace, Reinstatement, and Nonforfeiture Provisions Required
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(a) An individual variable life insurance or individual variable annuity contract delivered or issued for delivery in this state must contain grace, reinstatement, and nonforfeiture provisions appropriate to the contract.
(b) A group variable contract delivered or issued for delivery in this state must contain a grace period provision appropriate to the contract.
Terms Used In Texas Insurance Code 1152.108
- 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.
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve