Question

In Texas, an individual life insurance policy is REQUIRED to have a grace period of------------. of

a) 10 days
b) 15 days
c) 30 days
d) 45 days

Answer 1

The required grace period for an individual life insurance policy in Texas is C) 30 days. This allows policyholders extra time to pay their premiums without risking policy cancellation.

Step-by-step explanation:

In Texas, an individual life insurance policy is required to have a grace period of 30 days. This grace period allows the policyholder to pay the premium up to 30 days after the due date without facing cancellation of the policy.

This regulatory measure is designed to provide protection to policyholders, ensuring they have an additional period to maintain their coverages despite financial or administrative difficulties that might temporarily prevent timely payment of premiums.