1131.006 – ASSIGNMENT OF BENEFITS. (a) Subject to the
Texas Insurance Code § 1131.006
Summary
This law allows insured individuals to assign their rights and benefits from a group life insurance policy to third parties, excluding their employer. It ensures that such assignments are valid regardless of the policy's date. This provision is crucial for insured parties seeking to transfer benefits for various purposes.
Insured can assign benefits to third parties, not employers.
Assignments can be absolute or collateral.
Valid regardless of the policy's issuance date.
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In simple terms: Learn about Texas's ASSIGNMENT OF BENEFITS. (a) Subject to the 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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