1109.013 – PRESUMPTION OF UNCLAIMED PROCEEDS; REPORT AND
Texas Insurance Code § 1109.013
Summary
This law establishes that life insurance policy proceeds, annuity contracts, and retained asset accounts must be paid to designated beneficiaries. If a match is found in the Death Master File, these proceeds are deemed unclaimed, triggering specific reporting and delivery obligations.
Proceeds are payable to designated beneficiaries as per policy terms.
Confirmed Death Master File matches classify proceeds as unclaimed.
Insurers must report and deliver unclaimed proceeds accordingly.
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In simple terms: Learn about Texas's PRESUMPTION OF UNCLAIMED PROCEEDS; REPORT AND 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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