Section 882.354 - Dividend Payment Method(a) A dividend declared by a mutual life insurance company under this subchapter shall be paid in:(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).Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.