Tex. Ins. Code Section 1151.154
Surrender of Policy for Specified Cash Surrender Value

(a)

An industrial life insurance policy issued before the date described by Section 1151.058 (Nonforfeiture Benefits and Cash Surrender Values in General)(2) under which the insured applies for cash surrender value must be surrendered for the specified cash surrender value to the insurer at the insurer’s home office within the grace period following the due date of the defaulted premium.

(b)

The insurer may defer payment for a period of not more than six months after the date of application for the specified cash surrender value.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.

Source: Section 1151.154 — Surrender of Policy for Specified Cash Surrender Value, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1151.htm#1151.154 (accessed Jun. 5, 2024).

1151.001
Definition 1151.002
General Applicability of Chapter 1151.003
Applicability of Chapter to Policy Providing Accident and Health Benefits 1151.004
Certain Associations Excepted 1151.005
Certain Nonprofit Organizations Excepted 1151.051
Policy Title 1151.052
Entire Contract 1151.053
Agent Unauthorized to Waive or Change Terms 1151.054
Statement Made by or on Behalf of Insured 1151.055
Incontestability of Policy 1151.056
Adjustment of Amount Payable if Age of Insured Is Misstated 1151.057
Grace Period 1151.058
Nonforfeiture Benefits and Cash Surrender Values in General 1151.059
Surplus 1151.060
Claim Based on Death of Insured 1151.061
Reinstatement of Policy 1151.062
Exception for Policies Issued or Granted Under Certain Nonforfeiture Provisions 1151.101
Authorized Provisions 1151.102
Prohibited Provisions 1151.151
Extended Term or Paid-up Insurance for Certain Policies 1151.152
Provisions Concerning Stipulated Form of Insurance or Specified Cash Surrender Value in Certain Policies 1151.153
Computation of Net Value of Stipulated Form of Insurance or Specified Cash Surrender Value 1151.154
Surrender of Policy for Specified Cash Surrender Value

Accessed:
Jun. 5, 2024

§ 1151.154’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._ins._code_section_1151.154

Original Source: Section 1151.154 — Surrender of Policy for Specified Cash Surrender Value, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1151.htm#1151.154 (last accessed Jun. 5, 2024).