An individual of legal age who is insured under a life insurance policy may in writing:

1. (1) in a manner and to the extent permitted by the policy, designate any individual, partnership, association, corporation, or other legal entity as a beneficiary of the policy; and

2. (2) in a manner and to the extent not prohibited by the policy, transfer or assign to any entity described by Subdivision (1):

   1. (A) the policy; or
   2. (B) an interest, benefit, right, or title in the policy.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.