Tex. Ins. Code Section 1101.005
Grace Period

(a)

Except as provided by Subsection (b), a life insurance policy:

(1)

must contain a provision for a grace period of at least one month for the payment of each premium after the first payment during which the policy remains in force; and

(2)

may:

(A)

provide for an interest charge on a premium paid during a grace period; or

(B)

provide that if an insured dies during a grace period the overdue premium will be deducted from any settlement made under the policy.

(b)

The commissioner by rule may require a life insurance policy issued under Section 884.402 (Additional Coverage)(3) to contain a grace period that is longer than the grace period required by this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.

Source: Section 1101.005 — Grace Period, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­1101.­htm#1101.­005 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 1101.005’s source at texas​.gov