1103.102 – PAYMENT TO DESIGNATED BENEFICIARY. (a) Except
Texas Insurance Code § 1103.102
Summary
This law mandates that life insurance companies must pay policy proceeds to a designated beneficiary upon the insured's death, provided the beneficiary designation is properly filed. It affects individuals who purchase life insurance and their chosen beneficiaries.
Life insurance proceeds go to designated beneficiaries.
Beneficiary designation must be in writing and filed.
Exceptions apply under subsections (b) and (c).
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In simple terms: Learn about Texas's PAYMENT TO DESIGNATED BENEFICIARY. (a) Except 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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