Texas § IN.1114.003 - DEFINITION OF POLICY SUMMARY

§ IN.1114.003. DEFINITION OF POLICY SUMMARY

DEFINITION OF POLICY SUMMARY. (a) For purposes of this chapter, "policy summary" has the meaning assigned by this section. (b) For a policy or contract other than a universal life insurance policy, "policy summary" means a written statement regarding the policy or contract that at minimum contains, to the extent applicable, the following information: (1) the current death benefit; (2) the annual contract premium; (3) the current cash surrender value; (4) the current dividend; (5) the application of the current dividend; and (6) the amount of any outstanding loan. (c) For a universal life insurance policy, "policy summary" means a written statement that contains, at minimum, the following information: (1) the beginning and ending date of the current reporting period; (2) the policy value at the end of the previous reporting period and at the end of the current reporting period; (3) the total amounts that have been credited or debited to the policy value during the current reporting period, identifying each by type, including interest, mortality, expense, and riders; (4) the current death benefit at the end of the current reporting period on each life covered by the policy; (5) the net cash surrender value of the policy as of the end of the current reporting period; and (6) the amount of any outstanding loans as of the end of the current reporting period. Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762 ), Sec. 1, eff. September 1, 2007.