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HB 1112, 63rd R.S.
Providing that purchasers of contracts of prepaid funeral benefits shall constitute a lawful group for issuance of group contract of decreasing term life insurance by a life insurance company authorized to do business in the State of Texas; providing that the amount of insurance relative to any particular purchaser of such contract shall at all times approximate the future unpaid balance thereof; providing that the seller shall have an insurable interest in the life of any purchase of such contract to the extent of any unpaid balance thereof; providing that the proceeds of any insurance policy on the life of a purchaser of such contract shall be applied to the reduction or elimination of any unpaid balance thereof; providing for severability; providing that all laws or parts of law which are in conflict with this Act are repealed or modified to the extent of such conflict only.
Related House committee minutes
Calendars, 63rd Leg.
Insurance, 63rd Leg.
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