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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Except as provided by Subsection (b), if a beneficiary of a life insurance policy or contract forfeits an interest in the policy or contract under Section 1103.151, a contingent beneficiary named by the insured in the policy or contract is entitled to receive the proceeds of the policy or contract.
(b) A contingent beneficiary is not entitled to receive the proceeds of a life insurance policy or contract if the contingent beneficiary forfeits an interest in the policy or contract under Section 1103.151.
(c) If there is not a contingent beneficiary entitled to receive the proceeds of a life insurance policy or contract under Subsection (a), the nearest relative of the insured is entitled to receive those proceeds.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 1103.152. Payment of Proceeds to Contingent Beneficiary or to Relative - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1103-152/
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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