Sec. 1103.056. PURCHASE OF OR APPLICATION FOR POLICY BY THIRD PARTY. An individual of legal age may in a single written document:
(1) consent to the purchase of or application for an individual or group life insurance policy by a third party; and
(2) designate or consent to the designation of any individual, partnership, association, corporation, or other legal entity as:
(A) a beneficiary of the policy;
(B) an absolute or partial owner of the policy; or
(C) both a beneficiary and an absolute or partial owner of the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle A - Life Insurance in General
Chapter 1103 - Life Insurance Policy Beneficiaries
Subchapter B. Designation of Beneficiary or Owner of Life Insurance Policy; Insurable Interest
Section 1103.051. Applicability of Subchapter
Section 1103.052. Liberal Construction
Section 1103.053. Insurable Interest of Beneficiary, Owner, Transferee, or Assignee
Section 1103.054. Designation of Beneficiary or Owner in Policy Application
Section 1103.055. Designation of Beneficiary of Policy; Transfer or Assignment of Policy or Interest
Section 1103.056. Purchase of or Application for Policy by Third Party