Tex.
Ins. Code Section 1104.003
Authority to Contract
(a)
Subject to this subchapter, a minor 14 years of age or older who is without a guardian of the estate of the minor may:(1)
contract for or otherwise acquire a life, term, or endowment insurance policy or an annuity contract, including:(A)
applying for the policy or contract; and(B)
making agreements with respect to the policy or contract or a right, privilege, or benefit under the policy or contract;(2)
exercise all rights and powers in regard to the policy or contract in the same manner as an adult; and(3)
surrender an interest in the policy or contract and give a discharge for a benefit paid under the policy or contract.(b)
An insurance policy acquired by a minor under this subchapter must:(1)
be owned by the minor; and(2)
insure the life of:(A)
the minor;(B)
a spouse, child, parent, grandparent, or sibling of the minor; or(C)
another in whose life the minor has an insurable interest.(c)
A minor who acquires an annuity contract under this subchapter is the annuitant of the contract during the minor’s life.(d)
A minor who acquires an insurance policy or an annuity contract under this subchapter, the estate of the minor, or a spouse, child, parent, grandparent, or sibling of the minor must be the beneficiary of the policy or, in the case of an annuity contract, of the death benefit of the contract.
Source:
Section 1104.003 — Authority to Contract, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1104.htm#1104.003 (accessed Jun. 5, 2024).
