Tex.
Ins. Code Section 1114.003
Definition of Policy Summary
(a)
For purposes of this chapter, “policy summary” has the meaning assigned by this section.(b)
For a policy or contract other than a universal life insurance policy, “policy summary” means a written statement regarding the policy or contract that at minimum contains, to the extent applicable, the following information:(1)
the current death benefit;(2)
the annual contract premium;(3)
the current cash surrender value;(4)
the current dividend;(5)
the application of the current dividend; and(6)
the amount of any outstanding loan.(c)
For a universal life insurance policy, “policy summary” means a written statement that contains, at minimum, the following information:(1)
the beginning and ending date of the current reporting period;(2)
the policy value at the end of the previous reporting period and at the end of the current reporting period;(3)
the total amounts that have been credited or debited to the policy value during the current reporting period, identifying each by type, including interest, mortality, expense, and riders;(4)
the current death benefit at the end of the current reporting period on each life covered by the policy;(5)
the net cash surrender value of the policy as of the end of the current reporting period; and(6)
the amount of any outstanding loans as of the end of the current reporting period.
Source:
Section 1114.003 — Definition of Policy Summary, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1114.htm#1114.003 (accessed Jun. 5, 2024).
