Texas Insurance Code 83.001 – Definitions
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Terms Used In Texas Insurance Code 83.001
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
In this chapter:
(1) “Authorized person” means an individual or entity described by Section 83.002.
(2) “Emergency” means a sudden, urgent occurrence that requires immediate action.
(3) “Unauthorized person” means an individual or a corporation, association, partnership, or other artificial person who directly or indirectly does an act of insurance business that is:
(A) described by Section 101.051 or 101.052; and
(B) not done in accordance with specific authorization of law.
(4) “Unfair act” means an unfair method of competition, an unfair or deceptive act or practice, or an unfair claim settlement practice as defined under Chapter 541 or 542 or a rule adopted under either chapter.