Texas Insurance Code 1103.056 – Purchase of or Application for Policy by Third Party
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Insurance Code 1103.056
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
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.