Texas Insurance Code 881.101 – Types of Certificates or Policies Authorized
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(a) A statewide mutual assessment company may issue only a certificate or policy that provides for the continuous payment of premiums or assessments during the policyholder’s life.
(b) A statewide mutual assessment company may not:
(1) issue a certificate or policy on a limited payment plan; or
(2) promise to pay an endowment or annuity benefit.
Terms Used In Texas Insurance Code 881.101
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.