Texas Insurance Code 962.001 – General Definitions
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 962.001
- 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.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
In this chapter:
(1) “Insured” means an individual whose indemnification against income loss is provided because of the individual’s membership in a company or association that offers a job protection insurance plan.
(2) “Insurer” has the meaning assigned by Section 801.001.
(3) “Person” means an individual, corporation, association, or other legal entity.