1103.055 – DESIGNATION OF BENEFICIARY OF POLICY; TRANSFER
Texas Insurance Code § 1103.055
Summary
This law allows individuals of legal age who hold a life insurance policy to designate beneficiaries and transfer or assign their policy interests. It provides flexibility in naming beneficiaries and transferring rights, as long as it complies with the policy's terms.
Individuals can designate various entities as beneficiaries.
Policyholders may transfer or assign their policy interests.
Actions must comply with the policy's terms and conditions.
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In simple terms: Learn about Texas's DESIGNATION OF BENEFICIARY OF POLICY; TRANSFER 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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