A family group life insurance policy must clearly state:

1. (1) the maximum amount that is payable to the payee in the policy on the death of an insured or insureds; and
2. (2) any terms under which an amount other than the maximum amount of the policy is payable.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.