Texas § IN.1112.002 - CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT BENEFIT
Full text of Texas The Texas Constitution § IN.1112.002 — CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT BENEFIT, with citation guidance and answers to common questions.
§ IN.1112.002. CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT BENEFIT
CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT BENEFIT; VALUATION OF BENEFIT. (a) Except as provided by Subsection (e), a guarantee described by Section 1112.001 that is in a policy or coupon issued after September 5, 1955, shall be treated as a definite contract benefit and valued according to this section and the reserve requirements of Chapter 425 . (b) Except as provided by Subsection (c), for a policy or coupon issued before the date determined under Section 1105.002 (a) or (b), as applicable to the company, a contract benefit described by Subsection (a) shall be valued using the reserve valuation net premium for the benefits that is a uniform percentage of the gross premiums. (c) A policy described by Subsection (b) that contains a contract benefit described by Subsection (a) may be valued on a basis that provides for not more than one year preliminary term insurance. (d) For a policy or coupon issued on or after the date determined under Section 1105.002 (a) or (b), as applicable to the company, a contract benefit described by Subsection (a) shall be valued using the commissioners reserve valuation method described by Section 425.064 . (e) A provision of this section relating to reserves does not apply to a policy issued before September 7, 1955. Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 1F.001, eff. April 1, 2009.
Frequently Asked Questions About Texas § IN.1112.002
What does The Texas Constitution § IN.1112.002 cover?
Section IN.1112.002 ("CERTAIN GUARANTEES CONSTITUTE DEFINITE CONTRACT BENEFIT") 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.1112.002?
A common citation format is "The Texas Constitution § IN.1112.002" (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.1112.002 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.