Texas Insurance Code

§ 1103.056 — PURCHASE OF OR APPLICATION FOR POLICY BY THIRD PARTY

IN § 1103.056Title 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 may in a single written document:

(1)consent to the purchase of or application for an individual or group life insurance policy by a third party; and

(2)designate or consent to the designation of any individual, partnership, association, corporation, or other legal entity as:

(A)a beneficiary of the policy;

(B)an absolute or partial owner of the policy; or

(C)both a beneficiary and an absolute or partial owner of the policy.

Legislative history

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