Texas Insurance Code 1810.002 – Program Not Insurance; Not Covered by Guaranty Association
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Terms Used In Texas Insurance Code 1810.002
- 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
- Property: means real and personal property. See Texas Government Code 311.005
A promotional event prize program does not constitute the business of insurance in this state. A person‘s claim for performance under a contract for a promotional event prize program is not a covered claim under Chapter 462 and a promotional event prize program is not covered by the Texas Property and Casualty Insurance Guaranty Association or any other state guaranty association.