(a) An industrial life insurance policy may not:
(1) require a cause of action based on the policy to be initiated before the second anniversary of the date the cause of action accrues; or
(2) except as otherwise provided by this subchapter, establish a method of settlement at maturity that provides less value than the face amount of insurance coverage provided by the policy and any dividend additions to the policy, less:
(A) any debt owed to the insurer on the policy; and
(B) any premium that may be deducted under the terms of the policy.
(b) Subsection (a)(2) does not prevent a limitation from being imposed on payment of an additional accidental death benefit in case of accidental death resulting from certain specified causes.
(c) A nonparticipating or term policy may not incorporate any part of a provision described by Subchapter B or Section 1151.152 that does not apply to that type of policy.