Texas Insurance Code 1110.001 – Definitions
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Terms Used In Texas Insurance Code 1110.001
- 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.
In this chapter:
(1) “Life insurance policy” includes:
(A) a benefit certificate issued by a fraternal benefit society; or
(B) an annuity contract that provides for a policy loan.
(2) “Policy loan” includes any premium loan made under a life insurance policy to pay one or more premiums not paid to the life insurer when due.