reglab/housing_qa huggingface dataset:
TX Ins Code § 1104.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter A. Life Insurance and Annuity Contracts With Certain Minors|Section 1104.002. Certain Transactions Exempt

Sec. 1104.002.  CERTAIN TRANSACTIONS EXEMPT.  This subchapter does not apply to a transaction between an insurance company and a minor described by Section 1104.003(a) that occurs after the date the company receives at its home office or its principal office in this state written notice from a parent of the minor stating that a parent or the parents of the minor elect that this subchapter not apply to the minor specifically named in the notice.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter A. Life Insurance and Annuity Contracts With Certain Minors|Section 1104.003. Authority to Contract

Sec. 1104.003.  AUTHORITY TO CONTRACT.  (a)  Subject to this subchapter, a minor 14 years of age or older who is without a guardian of the estate of the minor may:(1)  contract for or otherwise acquire a life, term, or endowment insurance policy or an annuity contract, including:(A)  applying for the policy or contract;  and(B)  making agreements with respect to the policy or contract or a right, privilege, or benefit under the policy or contract;(2)  exercise all rights and powers in regard to the policy or contract in the same manner as an adult;  and(3)  surrender an interest in the policy or contract and give a discharge for a benefit paid under the policy or contract.(b)  An insurance policy acquired by a minor under this subchapter must:(1)  be owned by the minor;  and(2)  insure the life of:(A)  the minor;(B)  a spouse, child, parent, grandparent, or sibling of the minor;  or(C)  another in whose life the minor has an insurable interest.(c)  A minor who acquires an annuity contract under this subchapter is the annuitant of the contract during the minor's life.(d)  A minor who acquires an insurance policy or an annuity contract under this subchapter, the estate of the minor, or a spouse, child, parent, grandparent, or sibling of the minor must be the beneficiary of the policy or, in the case of an annuity contract, of the death benefit of the contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.004 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter A. Life Insurance and Annuity Contracts With Certain Minors|Section 1104.004. Written Approval by Adult Required

Sec. 1104.004.  WRITTEN APPROVAL BY ADULT REQUIRED.  An application or agreement made by a minor under this subchapter must be signed or approved in writing by:(1)  a parent, grandparent, or adult sibling of the minor; or(2)  if the minor does not have a parent, grandparent, or adult sibling, an adult eligible under the Estates Code to be appointed guardian of the estate of the minor.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488), Sec. 22.048, eff. September 1, 2017.|
TX Ins Code § 1104.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter A. Life Insurance and Annuity Contracts With Certain Minors|Section 1104.005. Rescission Because of Minority Prohibited

Sec. 1104.005.  RESCISSION BECAUSE OF MINORITY PROHIBITED.  A minor who acquires a policy or contract under this subchapter may not by reason of minority rescind, avoid, or repudiate:(1)  the policy or contract;  or(2)  the exercise of a right or privilege, or the receipt of any benefit, under the policy or contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.006 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter A. Life Insurance and Annuity Contracts With Certain Minors|Section 1104.006. Effect on Policy or Contract

Sec. 1104.006.  EFFECT ON POLICY OR CONTRACT.  This subchapter does not modify any provision in a policy or contract.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.021 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter B. Trustee Named as Beneficiary of Life Insurance Policy|Section 1104.021. Trustee Named as Beneficiary in Policy

Sec. 1104.021.  TRUSTEE NAMED AS BENEFICIARY IN POLICY.  (a)  An individual may make a trust agreement providing that the proceeds of a life insurance policy insuring the individual be made payable to a trustee named as beneficiary in the policy.  The validity of a trust agreement or declaration of trust that is designated as a beneficiary of a life insurance policy is not affected by whether any corpus of the trust exists in addition to the right of the trustee to receive insurance proceeds.(b)  Life insurance policy proceeds described by Subsection (a) shall be paid to the trustee.  The trustee shall hold and dispose of the proceeds as provided by the trust agreement.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2009, 81st Leg., R.S., Ch. 672 (H.B. 2368), Sec. 1, eff. September 1, 2009.|
TX Ins Code § 1104.022 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter B. Trustee Named as Beneficiary of Life Insurance Policy|Section 1104.022. Trustee Named as Beneficiary in Will

Sec. 1104.022.  TRUSTEE NAMED AS BENEFICIARY IN WILL.  (a)  A life insurance policy may provide that the beneficiary of the policy be a trustee designated by will in accordance with the policy provisions and the requirements of the insurance company.(b)  Except as provided by Subsection (c), on probate of a will described by Subsection (a), the life insurance policy proceeds shall be paid to the trustee.  The trustee shall hold and dispose of the proceeds as provided under the terms of the will as the will existed on the date of the testator's death and in the same manner as other testamentary trusts are administered.(c)  Except as otherwise provided by agreement with the insurance company during the life of the insured, the insurance company shall pay the life insurance policy proceeds to the executors, administrators, or assigns of the insured if, during the 18-month period beginning on the first day after the date of the insured's death:(1)  a qualified trustee does not make to the insurance company a claim to the proceeds;  or(2)  the insurance company is provided satisfactory evidence showing that there is or will be no trustee to receive the proceeds.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.023 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter B. Trustee Named as Beneficiary of Life Insurance Policy|Section 1104.023. Debts; Inheritance Tax

Sec. 1104.023.  DEBTS;  INHERITANCE TAX.  Life insurance policy proceeds received by a trustee under this subchapter are not subject to debts of the insured or to inheritance tax to any greater extent than if the proceeds were payable to a beneficiary other than the executor or administrator of the insured's estate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.024 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter B. Trustee Named as Beneficiary of Life Insurance Policy|Section 1104.024. Commingling

Sec. 1104.024.  COMMINGLING.  Life insurance policy proceeds received by a trustee under this subchapter may be commingled with any other assets properly coming into the trust.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1104.025 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1104 - Life Insurance and Annuity Contracts Issued to Certain Persons|Subchapter B. Trustee Named as Beneficiary of Life Insurance Policy|Section 1104.025. Certain Prior Beneficiary Designations Not Affected

Sec. 1104.025.  CERTAIN PRIOR BENEFICIARY DESIGNATIONS NOT AFFECTED.  This subchapter does not affect the validity of a life insurance policy beneficiary designation made before July 1, 1967, that names as beneficiary a trustee of a trust established by will.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.001 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.001. Short Title

Sec. 1105.001.  SHORT TITLE.  This chapter may be cited as the Standard Nonforfeiture Law for Life Insurance.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.0015 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.0015. Definition

Sec. 1105.0015.  DEFINITION.  In this chapter, "operative date of the valuation manual" means the date, if any, on which the valuation manual described by Subchapter B, Chapter 425 (Standard Valuation Law), becomes operative as provided by that subchapter.|Added by Acts 2015, 84th Leg., R.S., Ch. 313 (S.B. 1654), Sec. 16, eff. September 1, 2015.|
TX Ins Code § 1105.002 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.002. Applicability of Chapter

Sec. 1105.002.  APPLICABILITY OF CHAPTER.  (a)  This chapter applies to a policy issued by a company on or after January 1, 1974.(b)  This chapter also applies to a policy issued by a company after a date specified in a written notice:(1)  that was filed by the company with the State Board of Insurance after August 23, 1963, but before January 1, 1974;  and(2)  under which the company filing the notice elected to comply before January 1, 1974, with the law codified by this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.003 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.003. Exemptions

Sec. 1105.003.  EXEMPTIONS.  (a)  This chapter does not apply to:(1)  reinsurance;(2)  group insurance;(3)  pure endowment;(4)  an annuity or reversionary annuity contract;(5)  a term policy of uniform amount that:(A)  does not provide guaranteed nonforfeiture or endowment benefits or renewal of the policy;(B)  has a term of 20 years or less that expires before the insured reaches 71 years of age;  and(C)  has uniform premiums that are payable during the entire term of the policy;(6)  a term policy of decreasing amount:(A)  that does not provide guaranteed nonforfeiture or endowment benefits;  and(B)  on which each adjusted premium, computed as specified by Subchapter B or D, is less than the adjusted premium computed in that manner for a term policy of uniform amount, or a renewal of a term policy of uniform amount, that:(i)  does not provide guaranteed nonforfeiture or endowment benefits;(ii)  is issued at the same age and for the same initial amount of insurance;(iii)  has a term of 20 years or less and expires before the insured reaches 71 years of age;  and(iv)  has uniform premiums that are payable during the entire term of the policy;(7)  a policy:(A)  that does not provide guaranteed nonforfeiture or endowment benefits;  and(B)  for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, computed as specified by Section 1105.007, 1105.008, 1105.009, Subchapter B, or Subchapter D, exceeds 2-1/2 percent of the amount of insurance at the beginning of the same policy year;(8)  a policy delivered outside this state through an agent or other representative of the company that issued the policy;  or(9)  a policy that:(A)  does not provide for cash values or nonforfeiture values;  and(B)  meets the requirements of Section 884.403(b).(b)  For purposes of determining the applicability of this chapter, the age at expiry of a joint term life insurance policy is the age at expiry of the oldest insured life on that date.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.005 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.005. Computation of Adjusted Premiums and Present Values; Mortality Tables and Interest Rates

Sec. 1105.005.  COMPUTATION OF ADJUSTED PREMIUMS AND PRESENT VALUES;  MORTALITY TABLES AND INTEREST RATES.  (a)  Except as provided by Subsection (b) or (e) or Section 1105.055, 1105.152, or 1105.153, an adjusted premium or present value determined under this chapter must be computed on the basis of:(1)  the Commissioners 1941 Standard Ordinary Mortality Table for a policy of ordinary insurance;  and(2)  the Commissioners 1941 Standard Industrial Mortality Table for a policy of industrial insurance.(b)  For a category of ordinary insurance issued to insure a female risk, an adjusted premium or present value may be computed according to an age not more than three years younger than the actual age of the insured.(c)  All computations must be made using the rate of interest, not to exceed 3-1/2 percent a year, specified by the policy for computing cash surrender values and paid-up nonforfeiture benefits.(d)  In the computation of the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than 130 percent of the rates shown in the applicable mortality table.(e)  Subject to approval by the department, a company may specify a mortality table other than the applicable table required by this section for use in computing an adjusted premium or present value for insurance issued on a substandard basis.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.006 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.006. Determination of Rated Age

Sec. 1105.006.  DETERMINATION OF RATED AGE.  For purposes of this chapter, the date a policy is issued is the date as of which the rated age of the insured is determined.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.007 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.007. Computation of Cash Surrender Value Following Default

Sec. 1105.007.  COMPUTATION OF CASH SURRENDER VALUE FOLLOWING DEFAULT.  (a)  Any cash surrender value available under a policy on a default in payment of a premium due on a policy anniversary, regardless of whether required by Section 1105.004, must be an amount not less than the amount, if any, by which the present value, on the policy anniversary, of the future guaranteed benefits that would have been available under the policy, including any existing paid-up additions, had there not been a default exceeds the sum of:(1)  the then present value of the adjusted premiums as determined under Subchapter B or D that correspond to premiums that would have become due on and after the policy anniversary;  and(2)  the amount of any indebtedness to the company on the policy.(b)  Subsection (a) does not require a cash surrender value greater than the reserve for the policy computed as provided by Subchapter B, Chapter 425.(c)  For a policy to which Subchapter B applies and that by rider or supplemental policy provision provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium, the cash surrender value computed under Subsection (a) must be an amount not less than the sum of:(1)  the cash surrender value as computed under Subsection (a) for an otherwise similar policy issued at the same age without the rider or supplemental policy provision;  and(2)  the cash surrender value as computed under Subsection (a) for a policy that provides only the benefits provided by the rider or supplemental policy provision.(d)  For a family policy to which Subchapter B applies and that defines a primary insured and provides term insurance on the life of the spouse of the primary insured that expires before the spouse reaches 71 years of age, the cash surrender value as computed under Subsection (a) must be an amount not less than the sum of:(1)  the cash surrender value as computed under Subsection (a) for an otherwise similar policy issued at the same age that does not provide the term insurance on the life of the spouse;  and(2)  the cash surrender value as computed under Subsection (a) for a policy that provides only the benefits provided by the term insurance on the life of the spouse.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2F.004, eff. April 1, 2009.|
TX Ins Code § 1105.008 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.008. Computation of Cash Surrender Value on Surrender Following Policy Anniversary

Sec. 1105.008.  COMPUTATION OF CASH SURRENDER VALUE ON SURRENDER FOLLOWING POLICY ANNIVERSARY.  Any cash surrender value available not later than the 30th day after the date of a policy anniversary under a policy paid up by completion of all premium payments or a policy continued under any paid-up nonforfeiture benefit, regardless of whether required by Section 1105.004, must be an amount not less than the present value, on the policy anniversary, of the future guaranteed benefits available under the policy, including any existing paid-up additions, less any indebtedness to the company on the policy.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.009 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.009. Computation of Paid-Up Nonforfeiture Benefits

Sec. 1105.009.  COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS.  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.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.010 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.010. Proration of Values; Net Value of Paid-Up Additions

Sec. 1105.010.  PRORATION OF VALUES;  NET VALUE OF PAID-UP ADDITIONS.  (a)  Any cash surrender value and any paid-up nonforfeiture benefit available under a policy on default in the payment of a premium due at any time other than on the policy anniversary must be computed with allowance for the lapse of time and the payment of fractional premiums after the preceding policy anniversary, except that a cash surrender value or nonforfeiture benefit is not required unless the cash surrender value or nonforfeiture benefit was required on the preceding policy anniversary.(b)  A value determined under Sections 1105.005-1105.009, Subchapter B, or Subchapter D may be computed on the assumption that any death benefit is payable at the end of the policy year of death.(c)  The net value of any paid-up additions, other than paid-up term additions, may not be less than the amounts used to provide those additions.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|
TX Ins Code § 1105.011 (2021)
2021 Texas Statutes|Insurance Code|Title 7 - Life Insurance and Annuities|Subtitle A - Life Insurance in General|Chapter 1105 - Standard Nonforfeiture Law for Life Insurance|Subchapter A. General Provisions|Section 1105.011. Inclusion of Certain Additional Benefits in Computing Nonforfeiture Benefits Not Required

Sec. 1105.011.  INCLUSION OF CERTAIN ADDITIONAL BENEFITS IN COMPUTING NONFORFEITURE BENEFITS NOT REQUIRED.  (a)  Notwithstanding Section 1105.007 or 1105.008, additional benefits described by Subsection (b), and premiums for those benefits, may not be included in computing a cash surrender value or nonforfeiture benefits required by this chapter.  Additional benefits described by Subsection (b) are not required to be included in any paid-up nonforfeiture benefits.(b)  This section applies to additional benefits payable:(1)  in the event of death or dismemberment by accident;(2)  in the event of total and permanent disability;(3)  as reversionary annuity or deferred reversionary annuity benefits;(4)  as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this chapter would not apply;(5)  as term insurance on the life of a child that:(A)  is provided in a policy on the life of a parent of the child;(B)  expires before the child reaches 26 years of age;(C)  is uniform in amount after the child reaches one year of age;  and(D)  has not become paid up by reason of the death of a parent of the child;  or(6)  as other policy benefits additional to life insurance and endowment benefits.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.|