Texas Insurance Code 1102.001 – Definitions
Terms Used In Texas Insurance Code 1102.001
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
In this chapter:
(1) “Insurance policy” means a policy, certificate, or contract of:
(A) life, term, or endowment insurance, including an annuity or pure endowment contract;
(B) group life or term insurance, including a group annuity contract;
(C) industrial life insurance;
(D) accident or health insurance;
(E) group accident or health insurance;
(F) hospitalization insurance;
(G) group hospitalization insurance;
(H) medical or surgical insurance;
(I) group medical or surgical insurance; or
(J) fraternal benefit insurance.
(2) “Insurer” means any insurer, including a:
(A) life, accident, health, or casualty insurance company;
(B) mutual life insurance company;
(C) mutual insurance company other than a life insurance company;
(D) mutual or natural premium life insurance company;
(E) general casualty company;
(F) Lloyd’s plan or a reciprocal or interinsurance exchange;
(G) fraternal benefit society; or
(H) group hospital service corporation.