Texas Insurance Code 1110.006 – Information to Be Included in Policy
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(a) A life insurance policy must include the substance of the provisions of Section 1110.004(b) that are applicable to the policy.
(b) A life insurance policy that provides for an adjustable interest rate under Section 1110.004(b)(2) must state the frequency at which the rate is to be determined.
Terms Used In Texas Insurance Code 1110.006
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC