1103.053 – INSURABLE INTEREST OF BENEFICIARY, OWNER,
Texas Insurance Code § 1103.053
Summary
This law establishes that beneficiaries or owners of life insurance policies have an insurable interest in the life of the insured individual. It ensures that those designated or assigned rights in a policy maintain this interest throughout the policy's duration, promoting legitimate insurance practices.
Beneficiaries must be designated per the statute.
Insurable interest is maintained after designation.
Applies to owners and assignees of life insurance policies.
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In simple terms: Learn about Texas's INSURABLE INTEREST OF BENEFICIARY, OWNER, 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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