Texas Insurance Code 3502.153 – Unearned Premium Reserve
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(a) Except as provided by Subsection (b), the unearned premium reserve on mortgage guaranty insurance must be computed in accordance with this code.
(b) For a policy covering a risk period of more than one year, the unearned premium reserve must be computed in accordance with standards adopted by the commissioner after appropriate hearings.
Terms Used In Texas Insurance Code 3502.153
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Year: means 12 consecutive months. See Texas Government Code 311.005