Section 4.616 - Substitute or Change of Insured Riders(a) The rider must contain a statement requiring submission of an application signed by both the owner and the substitute insured.(b) The rider may require evidence of insurability of the substitute insured.(c) The following must be clearly specified: (3) premium structure, including a description of the determination of premiums for a substitute insured; and(4) the plan of insurance.(d) The disposition of the following items must be clearly described: (1) indebtedness under the old policy;(2) inclusion or exclusion of any supplementary benefits upon exchange;(3) dividends, if a participating policy; and(4) adjustments of reserves and cash values.28 Tex. Admin. Code § 4.616
Adopted by Texas Register, Volume 49, Number 03, January 19, 2024, TexReg 0258, eff. 1/24/2024