Texas Insurance Code 1103.004 – Partnership or Partner as Beneficiary
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Terms Used In Texas Insurance Code 1103.004
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A partnership or a member of a partnership may be designated as a beneficiary in a policy that insures the life of a member of the partnership.