28 Tex. Admin. Code § 4.616 - Substitute or Change of Insured Riders
(a)
The rider must contain a statement requiring submission of an application
signed by both the owner and the substitute insured.
(b) The rider may require evidence of
insurability of the substitute insured.
(c) The following must be clearly specified:
(1) policy date;
(2) face amount;
(3) premium structure, including a
description of the determination of premiums for a substitute insured;
and
(4) the plan of
insurance.
(d) The
disposition of the following items must be clearly described:
(1) indebtedness under the old
policy;
(2) inclusion or exclusion
of any supplementary benefits upon exchange;
(3) dividends, if a participating policy;
and
(4) adjustments of reserves and
cash values.
Notes
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