28 Tex. Admin. Code § 4.613 - Family Group Special Requirements
(a) A
family group life insurance policy is considered to be any life insurance
policy, other than a regular joint life insurance policy, that grants benefits
upon the death of each of the insured members of the family. This does not
include individual policies with payor death benefits or beneficiary death
benefits when such benefits are provided as a part of the basic policy, or by
supplementary agreement and when such additional benefits are designed
primarily to promote the continuance of the basic policy. The requirements
pertaining to family group policies may not be avoided, however, by merely
adding insureds under an individual contract by means of riders or
supplementary agreements.
(b) There
must be included on the face of the policy the name and age of each insured;
the name of the beneficiary; the maximum amount that is payable to the payee in
the policy in the case of death of such insured person or persons; and
designation of all paragraphs or provisions limiting or reducing the payment to
less than the maximum provided in the policy. Suicide clauses are the most
common type of reduction provision. The suicide clause, if used, should clearly
indicate any effect that the suicide of one insured would have on the insurance
of other insureds.
(c) Premiums
deductible by the terms of the policy and indebtedness to the company on the
policy are considered as counterclaims by the company against the beneficiary.
It is not necessary that provisions for such deductions be placed on the face
of the policy.
(d) The "face" of
the policy means the first page of the policy.
(e) If the policy provides for coverage that
will become effective on the lives of persons who become members of the family
group (by birth or adoption) after the policy is issued, information relative
to these future members need not be stated on the face of the policy. The
policy form will be acceptable if the provisions relative to these additional
members are clear and unambiguous.
Notes
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