"Disability income protection coverage" is a policy which provides for periodic payments, weekly or monthly, for a specified period during the continuance of disability resulting from either sickness or accident or a combination thereof, which:
  (1) provides for periodic payments in an amount of at least $100 per month payable at ages through 62 and $50 per month at ages after 62;
  (2) contains an elimination period no greater than:
    (A) 90 days in the case of a coverage providing a benefit period of one year or less;
    (B) 365 days if the benefit is payable for not less than two years and is payable in an amount of at least $200 per month; or
    (C) 180 days in all other cases during the continuance of disability resulting from sickness or injury;
  (3) has a maximum period of time for which it is payable during disability of at least six months;
  (4) this section does not apply to those policies providing business buy out coverage.

Source Note: The provisions of this §3.3075 adopted to be effective January 26, 1977, 2 TexReg 159.