Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 3 - LIFE, ACCIDENT, AND HEALTH INSURANCE AND ANNUITIES
Subchapter B - INDIVIDUAL LIFE INSURANCE POLICY FORM CHECKLIST AND AFFIRMATIVE REQUIREMENTS
Section 3.116 - Substitute or Change of Insured Riders

Universal Citation: 28 TX Admin Code § 3.116

Current through Reg. 50, No. 13; March 28, 2025

(a) The rider shall 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 shall 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 shall 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;

(4) adjustments of reserves and cash values.

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