Texas Insurance Code Chapter 6002 > Subchapter B – Powers and Duties of Commissioner, Department,
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Terms Used In Texas Insurance Code Chapter 6002 > Subchapter B - Powers and Duties of Commissioner, Department,
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rule: includes regulation. See Texas Government Code 311.005
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Year: means 12 consecutive months. See Texas Government Code 311.005