STATEMENT OF MAXIMUM AMOUNT PAYABLE UNDER FAMILY GROUP LIFE INSURANCE POLICY
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff
A family group life insurance policy must clearly state:
(1) the maximum amount that is payable to the payee in the policy on the death of an insured or insureds; and
(2) any terms under which an amount other than the maximum amount of the policy is payable.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.