Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 4 - LIFE AND ANNUITY
Subchapter F - INDIVIDUAL LIFE INSURANCE POLICY FORM CHECKLIST AND AFFIRMATIVE REQUIREMENTS
Section 4.616 - Substitute or Change of Insured Riders
Universal Citation: 28 TX Admin Code § 4.616
Current through Reg. 50, No. 13; March 28, 2025
(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.
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