Texas Insurance Code Chapter 3502 > Subchapter D – Financial Requirements
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Terms Used In Texas Insurance Code Chapter 3502 > Subchapter D - Financial Requirements
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Year: means 12 consecutive months. See Texas Government Code 311.005