Sec. 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(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.
Section: Previous 1151.053 1151.054 1151.055 1151.056 1151.057 1151.058 1151.059 1151.060 1151.061 1151.062 1151.101 1151.102 1151.151 1151.152 1151.153Last modified: September 28, 2016