Texas Insurance Code 1575.160 – Group Life or Accidental Death and Dismemberment Insurance: Payment of Claim
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 1575.160
- 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
- Dependent: A person dependent for support upon another.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Trustee: A person or institution holding and administering property in trust.
The amount of group life insurance or group accidental death and dismemberment insurance covering a retiree, dependent, surviving spouse, or surviving dependent child on the date of death shall be paid, on the establishment of a valid claim, only to:
(1) the beneficiary designated by the person in a signed and witnessed document received before death in the office of the trustee; or
(2) a person in the order prescribed by § 824.103(b), Government Code, if a beneficiary is not properly designated or a beneficiary does not exist.