Texas Insurance Code 1810.001 – Definition
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Terms Used In Texas Insurance Code 1810.001
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
In this chapter, “promotional event prize program” means a written contract entered into in this state for commercial marketing or promotional purposes:
(1) under which a monetary risk is transferred from one or more parties to the contract to another party to the contract;
(2) that does not require as a condition precedent to the imposition of contractual liability on the part of the person accepting the risk:
(A) actual economic loss by the person who transfers the risk; or
(B) submission of proof of economic loss by the person transferring the risk; and
(3) that specifically states that the contract is not for insurance and performance under the contract is not covered by any state guaranty association.