Texas Insurance Code 1115.0506 – Transactions Not Based On Recommendation; Certain Exemptions From Subchapter
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Terms Used In Texas Insurance Code 1115.0506
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
An agent does not have an obligation to a consumer under Section 1115.0513 if:
(1) the agent does not make a recommendation;
(2) the agent makes a recommendation based on materially inaccurate information provided by the consumer;
(3) the consumer refuses to provide consumer profile information; or
(4) the consumer enters into an annuity transaction that is not based on the recommendation from the agent or the insurer.