Texas Insurance Code

§ 1103.055 — DESIGNATION OF BENEFICIARY OF POLICY; TRANSFER OR ASSIGNMENT OF POLICY OR INTEREST

IN § 1103.055Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1103. LIFE INSURANCE POLICY BENEFICIARIES · Art. B. DESIGNATION OF BENEFICIARY OR OWNER OF LIFE INSURANCE POLICY; INSURABLE INTEREST

Statute text

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An individual of legal age who is insured under a life insurance policy may in writing:

(1)in a manner and to the extent permitted by the policy, designate any individual, partnership, association, corporation, or other legal entity as a beneficiary of the policy; and

(2)in a manner and to the extent not prohibited by the policy, transfer or assign to any entity described by Subdivision (1):

(A)the policy; or

(B)an interest, benefit, right, or title in the policy.

Legislative history

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