Sec. 882.354. DIVIDEND PAYMENT METHOD. (a) A dividend declared by a mutual life insurance company under this subchapter shall be paid in: (1) cash; or (2) the equivalent of the dividend's cash value as provided by an option stated in the policy and selected by the policyholder. (b) A policyholder shall notify the company in writing of an option selected by the policyholder under Subsection (a)(2).
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