Texas Insurance Code 841.001 – Definitions
Terms Used In Texas Insurance Code 841.001
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(1) “Accident insurance company” means a corporation authorized under a charter to engage in business involving the payment of money or another thing of value in the event of an injury to or the disablement or death of an individual as a result of travel or a general accident by land or water.
(2) “Alien company” means a life, accident, or health insurance company organized under the laws of a foreign country.
(3) “Beneficiary” is the person to whom an insurance policy is payable.
(4) “Domestic insurance company,” in this chapter and another law described by § 841.002, means an insurance company organized under the laws of this state as:
(A) a life insurance company;
(B) an accident insurance company;
(C) a life and accident insurance company;
(D) a health and accident insurance company; or
(E) a life, health, and accident insurance company.
(5) “Foreign company” means a life, accident, or health insurance company organized under the laws of another state.
(6) “Health insurance company” means a corporation authorized under a charter to engage in business involving the payment of money or another thing of value in the event of loss resulting from disability incurred as a result of sickness or ill health.
(7) “Home office,” with respect to an insurance company, means the principal office of the company in the state or country under whose laws the company is organized.
(8) “Insurance company” and “company” include all corporations engaged as a principal in the business of life, accident, or health insurance.
(9) “Life insurance company” means a corporation authorized under a charter to engage in business involving the payment of money or another thing of value conditioned on the continuance or cessation of human life or involving an insurance, guaranty, or contract for the payment of an endowment or annuity.
(10) “Policyholder” and “insured” mean the individual on whose life an insurance policy is effected.
(11) “Profits,” with respect to an insurance company, means the portion of the company’s funds that are not:
(A) required for the payment of losses and expenses; or
(B) set aside for any other purpose required by law.
(12) “United States branch” means:
(A) the business unit through which business is transacted within the United States by an alien company;
(B) the assets and liabilities of the company within the United States pertaining to the business;
(C) the management powers pertaining to the business and to the assets and liabilities; or
(D) any combination of the items described by Paragraphs (A)-(C).
(13) The definitions of “company” and “insurance company” apply to this chapter and another law described by § 841.002 unless a different meaning is plainly required by the context in which the term appears.