Journal of the Senate of the State of Texas, Regular Session of the Sixty-Fourth Legislature, Volume 2 Page: 1,522
This legislative document is part of the collection entitled: Texas Senate Journals and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
64th LEGISLATURE -- REGULAR SESSION
covering at date of issue not less than five (5) members.
"(c) The premium for the policy shall be paid either wholly from funds
contributed by the employer or employers of the insured persons, or by the union or
unions or by both, or partly from such funds and partly from funds contributed by the
insured person, except that in no event shall the contribution by an insured person
toward the cost of his insurance exceed forty cents per thousand per month.
"(d) No policy may be issued on a wholesale, franchise or employee life
insurance basis which, together with any other term life insurance policy or policies
issued on a wholesale, franchise, employee life insurance or group basis, provides term
life insurance coverage for an amount in excess of Fifty Thousand Dollars ($50,000.00)
[Twenty Thousand Dollars ($20,0 .00)], unless two hundred percent (200%) of the
annual compensation of such employee from his employer or employers exceeds Fifty
Thousand Dollars ($50,000.00) -' T($2 .0], in which event
all such term insurance shall not exceed One Hundred Thousand Dollars ($100,000.00)
[Fifty Thoura Dellar$5Q0,r --U ], or two hundred percent (200%) of such annual
compensation whichever is the lesser. An individual application shall be taken for each
such policy and the insurer shall be entitled to rely upon the applicant's statements as to
applicant's other similar coverage upon his life.
"(e) Each such policy of insurance shall contain a provision substantially as
follows:
"A provision that is the insurance on an insured person ceases because of
termination of employment or of membership in the union, such person shall be entitled
to have issued to him by the insurer, without evidence of insurability an individual
policy of life insurance without disability or other supplementary benefits, provided
application for the individual policy shall be made, and the first premium paid to the
insurer, within thirty-one (31) days after such termination.
"(f) Each such policy may contain any provision substantially as follows:
"(1) A provision that the policy is renewable at the option of the insurer only;
"(2) A provision for termination of coverage by the insurer upon termination of
employment by the insured employee;
"(3) A provision requiring a person eligible for insurance tu furnish evidence of
Individual insurability satisfactory to the insurer as condition to coverage.
"(g) The limitation as to amount of group and wholesale, franchise or employee
life insurance on any person shall not apply to group insurance on other than the term
plan where such insurance is to be used to fund benefits under a pension plan and the
amount of such insurance does not exceed that required to provide at normal retirement
date the pension specified by the plan, and except that a group policy which is issued by
the same or another carrier to replace another group policy may provide term insurance
not to exceed the amounts provided by the policy which it replaces, or the amounts
provided above, whichever are greater.
"(h) Nothing contained in this Subsection (6) shall in any manner alter, impair
or invalidate (1) any policy heretofore issued prior to the effective date of this Act; nor
(2) any such plan heretofore placed in force and effect provided such prior plan was at
date of issue legal and valid; nor (3) any policy issued on a salary savings franchise
plan, bank deduction plan, pre-authorized check plan or similar plan of premium
collection.
"(6A) A policy may be issued to a principal, or if such principal is a life or life
and accident or life, accident and health insurer, by or to such principal, covering when
issued not less than ten (10) agents of the principal, subject to the following
requirements:
"(a) As used in this section, the term 'agents' shall be deemed to include general
agents, subagents and salesmen.
"(b) The agents eligible for insurance under the policy shall be those who are
under contract to render personal services for the principal for a commission or other
fixed or ascertainable compensation.1522
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. Senate. Journal of the Senate of the State of Texas, Regular Session of the Sixty-Fourth Legislature, Volume 2, legislative document, 1975; (https://texashistory.unt.edu/ark:/67531/metapth146007/m1/10/: accessed April 19, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.