Tex. Insurance Code § 1114.003
This is the official text of Tex. Insurance Code § 1114.003, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1114.003. DEFINITION OF POLICY SUMMARY.
Official statutory text
(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.
(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.
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