1103.054 – DESIGNATION OF BENEFICIARY OR OWNER IN POLICY
Texas Insurance Code § 1103.054
Summary
This law allows individuals of legal age to apply for life insurance policies and designate beneficiaries or owners in the application. It clarifies that designations can include individuals, partnerships, corporations, or other entities.
Individuals of legal age can apply for life insurance policies.
Beneficiaries and owners can be individuals or legal entities.
Designations can be absolute or partial ownership.
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In simple terms: Learn about Texas's DESIGNATION OF BENEFICIARY OR OWNER IN POLICY 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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