Purchase of Or Application For Policy By Third Party

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. SUBCHAPTER C. PAYMENT OF PROCEEDS