Tex. Insurance Code § 1101.005
This is the official text of Tex. Insurance Code § 1101.005, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1101.005. GRACE PERIOD.
Official statutory text
(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(3) to contain a grace period that is longer than the grace period required by this section.
(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(3) to contain a grace period that is longer than the grace period required by this section.
Status: in_force · Read it on the official government site
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