1103.103 – DISCHARGE OF LIABILITY. In the absence of
Texas Insurance Code § 1103.103
Summary
This law allows life insurance companies to be released from liability if they pay policy proceeds to a designated beneficiary without prior notice of any claims. It protects insurers from future claims when they fulfill their payment obligations. This affects both insurance companies and beneficiaries receiving policy payouts.
Insurers are discharged from liability upon payment to designated beneficiaries.
No prior notice of claims is required for discharge.
Applies specifically to life insurance policies.
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In simple terms: Learn about Texas's DISCHARGE OF LIABILITY. In the absence of 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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