Sec. 1161.105. CONTINUATION OF PREEXISTING POLICIES OR ANNUITIES. (a) A life, term, or endowment insurance policy or an annuity contract owned by the ward when a proceeding for the appointment of a guardian of the estate is commenced may be continued in full effect if it is shown that:
(1) the company issuing the policy or contract is an authorized life insurance company; or
(2) the policy or contract is administered by the Department of Veterans Affairs.
(b) All future premiums for an insurance policy or annuity contract described by Subsection (a) may be paid out of surplus funds of the ward's estate.
(c) The guardian of the estate must apply to the court for an order to:
(1) continue the policy, the contract, or both according to the existing terms of the policy or contract; or
(2) modify the policy or contract to fit any new developments affecting the ward's welfare.
(d) Before the court grants an application filed under Subsection (c), the guardian must file a report in the court that shows in detail the financial condition of the ward's estate on the date the application is filed.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
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