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Tex. Insurance Code § 1101.005

GRACE PERIOD

Texas · Texas Insurance Code · Status: effective

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Tex. Insurance Code § 1101.005, GRACE PERIOD, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680772
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(a) Except as provided by Subsection (b), a life insurance policy: (1) must contain a provision for a grace period of at least one month for the payment of each premium after the first payment during which the policy remains in force; and (2) may: (A) provide for an interest charge on a premium paid during a grace period; or (B) provide that if an insured dies during a grace period the overdue premium will be deducted from any settlement made under the policy. (b) The commissioner by rule may require a life insurance policy issued under Section 884.402(3) to contain a grace period that is longer than the grace period required by this section.