Texas Insurance Code 1152.059 – Separate Account Not Chargeable With Other Liabilities
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Terms Used In Texas Insurance Code 1152.059
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
To the extent provided under the applicable contracts, the portion of a separate account’s assets equal to the reserves and other contract liabilities regarding that account is not chargeable with a liability arising out of any other business of the insurance company.