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SB 654, 63rd R.S.
Providing that purchasers of contracts for prepaid funeral benefits shall constitute a lawful group for the issuance of a 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 to 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 purchaser of such contract to the extent of any unpaid balance thereof; providing that the proceeds of any insurance policy received by the seller on the life of a purchaser of such contract shall be applied to the reduction of elimination of any unpaid balance thereof; excepting from coverage of this Act contracts covered in Section 1a of said Article; providing for severability; providing that all laws or parts of law which are in conflict with this Act are repealed or modified to the extent of such conflict only.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.

04/30/1973
05/02/1973

Insurance, 63rd Leg.

04/24/1973


Related Senate committee minutes

Economic Development, 63rd Leg.

04/09/1973

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