Texas Insurance Code 541.057 – Unfair Discrimination in Life Insurance and Annuity Contracts
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Terms Used In Texas Insurance Code 541.057
- 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.
Subject to § 541.058, it is an unfair method of competition or an unfair or deceptive act or practice in the business of insurance to make or permit with respect to a life insurance or life annuity contract an unfair discrimination between individuals of the same class and equal life expectancy regarding:
(1) the rates charged;
(2) the dividends or other benefits payable; or
(3) any of the other terms and conditions of the contract.