Texas Insurance Code 1108.101 – Assignment Generally
(a) This chapter does not prevent an insured, owner, or annuitant from assigning, in accordance with the terms of the policy or contract:
(1) any benefits to be provided under an insurance policy or annuity contract to which this chapter applies; or
(2) any other rights under the policy or contract.
(b) A benefit or right described by Subsection (a) assigned by an insured, owner, or annuitant after a child support lien notice has been filed against the insured, owner, or annuitant by the Title IV-D agency continues to be subject to the child support lien after the date of assignment. The lien continues to secure payment of all child support arrearages owed by the insured, owner, or annuitant under the underlying child support order, including arrearages that accrue after the date of assignment.
Terms Used In Texas Insurance Code 1108.101
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.