Texas Insurance Code 4053.003 – Inapplicability of Chapter
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Terms Used In Texas Insurance Code 4053.003
- 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.
This chapter does not apply to:
(1) the transaction of the business of life, health, and accident insurance, including variable life insurance and variable annuity contracts;
(2) a full-time salaried employee of an insurer acting for and in connection with the insurance business of the insurer; or
(3) an adjuster or inspector of risks for an insurer.