Final answer:
In Texas, the required grace period for an individual life insurance policy is 30 days, which allows the policy to stay active during this time even if the premium is late, provided it's ultimately paid within the grace period.
The correct option is 1.
Step-by-step explanation:
In Texas, an individual life insurance policy is REQUIRED to have a grace period of 30 days. A grace period in the context of insurance is the time provided after the due date of a premium payment during which the policy remains in force, even though the premium is not yet paid.
This is a consumer protection component that ensures the insurance coverage continues uninterrupted during this timeframe, so long as the premium is eventually paid within the grace period. If payment is not made by the end of the grace period, the insurance policy may lapse.
The correct option is 1.