This law establishes that a beneficiary named in a life insurance policy has a legitimate insurable interest in the policy's face amount. It ensures that beneficiaries can collect the specified amount upon the insured's death, reinforcing the validity of the insurance contract.
Beneficiaries have insurable interest in life insurance policies.
Entitled to collect the policy's face amount upon death.
Validates the insurance contract for designated beneficiaries.
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In simple terms: Learn about Texas's INSURABLE INTEREST OF BENEFICIARY. A law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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