Texas Insurance Code 941.001 – Definitions
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Terms Used In Texas Insurance Code 941.001
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
In this chapter:
(1) “Affiliate” has the meaning described by Section 823.003.
(2) “Attorney in fact” means an attorney in fact authorized under a power of attorney to act for the underwriters of a Lloyd’s plan.
(3) “Lloyd’s plan” means an entity engaged in the business of writing insurance on the Lloyd’s plan.
(4) “Underwriter” means an individual, partnership, or association of individuals that writes insurance on the Lloyd’s plan.