1103.152 – PAYMENT OF PROCEEDS TO CONTINGENT BENEFICIARY OR
Texas Insurance Code § 1103.152
Summary
This law outlines the rights of contingent beneficiaries to receive life insurance proceeds if the primary beneficiary forfeits their interest. It ensures that a named contingent beneficiary can claim the benefits unless specific conditions apply.
Contingent beneficiaries receive proceeds if primary beneficiaries forfeit their interest.
Named contingent beneficiaries must be specified in the policy or contract.
Certain conditions may prevent contingent beneficiaries from receiving proceeds.
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In simple terms: Learn about Texas's PAYMENT OF PROCEEDS TO CONTINGENT BENEFICIARY OR 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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