28 Tex. Admin. Code § 3.115 - Requirements for a Package Consisting of a Deferred Life Policy with an Accidental Death Rider Attached
(a) The application
must contain a statement which discloses the deferred nature of the insurance
and which reflects the amount of insurance in force during the deferred period.
It may not state only the ultimate amount.
(b) The brief description on the face page
and filing back, if any, must call attention to the deferred nature of the
insurance, and in no way refer to the accidental death benefit.
(c) If a separate premium is charged for the
accidental death benefit, the schedule page must reflect the gross premium
broken down in such a manner as to reflect the gross premium for the deferred
life insurance and the accidental death benefit independently.
(d) The policy schedule page must reflect the
reduced death benefit payable each year the reduction in benefits is
maintained, as well as the ultimate face amount payable after the full face
amount becomes available. This provision may be in the form of actual figures,
a percentage of the ultimate face amount, the premiums plus interest, if
applicable, or other provision not in violation of Insurance Code Chapter 1701
or other laws.
(e) The death
benefit during the period of deferred insurance must be as great as the sum of
the gross premiums paid (with or without interest). The death benefit may be
based on the gross annual premium even though other modes are available under
the policy.
(f) The accidental
death benefit must be made a part of the entire contract.
(g) The contract of deferred insurance and
accidental death benefit must reflect a different form number from any other
contract of deferred insurance the company offers.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.