SECTION 13.102. Life Policy Forms

(a) The reserve basis adopted by the company shall be shown on the rate schedule and may be shown in the policy.

(b) Family group policies, upon which the rate is calculated on an individual insured basis, shall contain a provision with reference to a reduction of premium in the event of the death of any insured by the amount of premium being paid on behalf of the deceased insured.

(c) Policies shall provide a grace period of at least 31 days for the payment of every premium after the first, which may be subject to an interest charge, during which month the insurance shall continue in force, which may stipulate that if the insured shall die during the period of grace the overdue premium will be deducted in any settlement under the policy.

(d) Policies shall provide that claims are to be paid within 60 days after receipt of due proof of claim.

Source Note: The provisions of this §13.102 adopted to be effective January 1, 1976; amended to be effective November 8, 1984, 9 TexReg 5544.