Texas Insurance Code 1103.005 – Religious, Educational, Eleemosynary, Charitable, or Benevolent Institution or Undertaking as Beneficiary
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 1103.005
- 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
A religious, educational, eleemosynary, charitable, or benevolent institution or undertaking may be designated as a beneficiary in a policy that insures the life of an individual.