Texas Insurance Code 881.056 – Issuance of Certificate or Policy to Separate Groups, Clubs, or Classes
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(a) A certificate or policy issued by the company to members of a group, club, or class may limit benefits under the certificate or policy to the assessments made, levied, and collected from the group, club, or class.
(b) The assets or benefits of a group, club, or class may not be pledged or transferred without the consent of at least three-fourths of the members of the group, club, or class.
Terms Used In Texas Insurance Code 881.056
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.