Sec. 1103.056.  PURCHASE OF OR APPLICATION FOR POLICY BY THIRD PARTY.  An individual of legal age may in a single written document:
(1)  consent to the purchase of or application for an individual or group life insurance policy by a third party;  and
(2)  designate or consent to the designation of any individual, partnership, association, corporation, or other legal entity as:
(A)  a beneficiary of the policy;
(B)  an absolute or partial owner of the policy;  or
(C)  both a beneficiary and an absolute or partial owner of the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.