Texas Insurance Code 884.351 – General Requirements for Policy and Application Forms
Current as of: 2024 | Check for updates
|
Other versions
(a) Each stipulated premium company policy or application form must contain on its face immediately after the name of the company “A Stipulated Premium Company.”
(b) A stipulated premium company shall provide for an adjustment of the premium rate on the insurance contract in each insurance policy it issues, reinsures, or assumes that is subject to a premium adjustment under § 884.309. Each policy subject to a premium adjustment under that section must contain on the front of the policy a statement that the premium is subject to readjustment.
Terms Used In Texas Insurance Code 884.351
- Contract: A legal written agreement that becomes binding when signed.
(c) A stipulated premium company’s policy of insurance may not contain “Approved by the Commissioner of Insurance” or words of a similar meaning.
(d) A life insurance policy issued by a stipulated premium company or an application for the policy may not contain language or be in a form that misleads the policyholder or applicant about the kind of insurance offered or the rights or benefits of the policyholder or applicant.