Texas § IN.1101.005 - GRACE PERIOD
Full text of Texas The Texas Constitution § IN.1101.005 — GRACE PERIOD, with citation guidance and answers to common questions.
§ IN.1101.005. GRACE PERIOD
GRACE PERIOD. (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. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.1101.005
What does The Texas Constitution § IN.1101.005 cover?
Section IN.1101.005 ("GRACE PERIOD") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.1101.005?
A common citation format is "The Texas Constitution § IN.1101.005" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.1101.005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.