Texas Insurance Code 885.060 – Fraternal Benefit Society’s Laws Binding
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Terms Used In Texas Insurance Code 885.060
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
A fraternal benefit society’s laws may provide that a lodge or a subordinate officer or member of the society may not waive any provision of those laws. Those laws are binding on:
(1) the society;
(2) each member of the society; and
(3) each beneficiary of a member.