Texas Insurance Code 463.105 – Accounts
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Terms Used In Texas Insurance Code 463.105
- 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.
For the purposes of administration and assessment, the association shall maintain:
(1) an accident, health, and hospital services insurance account;
(2) a life insurance account;
(3) an annuity account; and
(4) an administrative account.