Tex. Insurance Code § 1105.009
This is the official text of Tex. Insurance Code § 1105.009, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1105.009. COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS.
Official statutory text
Any paid-up nonforfeiture benefit available under the policy on default in the payment of a premium due on a policy anniversary must be such that its present value as of the policy anniversary is at least equal to:
(1) the cash surrender value then available under the policy; or
(2) if a cash surrender value is not available under the policy, the cash surrender value that would have been required by this chapter in the absence of the condition that premiums must have been paid for at least a specified period.
(1) the cash surrender value then available under the policy; or
(2) if a cash surrender value is not available under the policy, the cash surrender value that would have been required by this chapter in the absence of the condition that premiums must have been paid for at least a specified period.
Status: in_force · Read it on the official government site
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