Texas Insurance Code 2704.001 – Issuance of Policy or Contract
Terms Used In Texas Insurance Code 2704.001
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
A title insurance policy or contract may not be written unless:
(1) Sections 2502.053, 2502.054, and 2502.055 have been complied with;
(2) the policy or contract is based on an examination of title made from title evidence prepared from an abstract plant owned, or leased and operated by a title insurance agent or direct operation for the county in which the real property is located, except as provided by Section 2704.002;
(3) insurability of title has been determined in accordance with sound title underwriting practices; and
(4) evidence thereof is preserved and retained in the files of the title insurance company, title insurance agent, or direct operation for a period of not less than 15 years after the date of issuance of the policy or contract.