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Terms Used In Texas Education Code 54.629

  • 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
  • Contract: A legal written agreement that becomes binding when signed.

The board may require a purchaser to verify under oath a request to:
(1) change a beneficiary;
(2) convert a contract to another plan; or
(3) terminate a contract.