Texas Insurance Code 1103.055 – Designation of Beneficiary of Policy; Transfer or Assignment of Policy or Interest
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Terms Used In Texas Insurance Code 1103.055
- 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.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- 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.
An individual of legal age who is insured under a life insurance policy may in writing:
(1) in a manner and to the extent permitted by the policy, designate any individual, partnership, association, corporation, or other legal entity as a beneficiary of the policy; and
(2) in a manner and to the extent not prohibited by the policy, transfer or assign to any entity described by Subdivision (1):
(A) the policy; or
(B) an interest, benefit, right, or title in the policy.