28 Tex. Admin. Code § 3.5302 - Joint Credit Life Insurance
(a) Joint lives,
for purposes of credit life insurance written under Insurance Code Chapter
1153, mean only spouses or business partners, and such persons must be jointly
and severally liable for repayment of the single indebtedness and be joint
signers of the instrument of indebtedness. Endorsers and guarantors are not
eligible for credit insurance coverage. Joint life coverage may not be written
covering more than two lives. Jointly indebted persons may not both be covered
separately at single life rates.
(b) Joint life rates may not be charged for
single life coverage.
Notes
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