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Texas Finance Code - FIN § 154.207. Receipt of Benefits Payable Under Policy

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A seller or funeral provider that has been assigned the benefits payable under an insurance policy funding prepaid funeral benefits may not receive payment of the benefits until:

(1) the beneficiary named in the contract dies;

(2) the funeral service is completed;

(3) the funeral provider has completed the provider's obligations under Section 154.161(a) with respect to the contract;  and

(4) the insurance company is presented with:

(A) certification from the funeral provider attesting to matters required by Subdivisions (2) and (3);  and

(B) other documents as required by the insurance company to process and pay the claim.

(b) The seller shall maintain copies of the documentation submitted to the insurance company and a copy of the death certificate for examination by the department.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 154.207. Receipt of Benefits Payable Under Policy - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-154-207/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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