An individual of legal age may:

1. (1) apply for a policy insuring the individual's life; and

2. (2) designate in writing in the application for the policy any individual, partnership, association, corporation, or other legal entity as:

   1. (A) a beneficiary of the policy;
   2. (B) an absolute or partial owner of the policy; or
   3. (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.