Texas Insurance Code 1117.002 – Definitions
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Terms Used In Texas Insurance Code 1117.002
- 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.
In this chapter:
(1) “Insurance agent” means an agent licensed under this code to sell, solicit the sale of, or negotiate a life insurance or annuity product.
(2) “Senior-specific certification or professional designation” means a certification or designation that implies that an insurance agent holds a special certification or has specialized training in advising or servicing seniors regarding purchasing or selling a life insurance or annuity product.