Texas Insurance Code - INS § 1114.002. General Definitions

(1) “Agent” means an individual who holds a license under Chapter 4054 and who sells, solicits, or negotiates life insurance or annuities in this state.

(2) “Direct-response solicitation” means a solicitation made:

(3) “Existing insurer” means the insurer, the policy or contract of which is or will be changed or affected by a replacement.

(4) “Existing policy or contract” means an individual life insurance policy or annuity contract that is in force, including a policy under a binding or conditional receipt or a policy or contract that is within an unconditional refund period.

(5) “Financed purchase” means the purchase of a new policy that involves the actual or intended use of funds to pay all or part of any premium due on the new policy obtained by:

(6) “Illustration” means a presentation or depiction that includes nonguaranteed elements of a life insurance policy over a period of years.

(7) “Registered contract” means a variable annuity contract or variable life insurance policy subject to the prospectus delivery requirements of the Securities Act of 1933 (15 U.S.C. Section 77a et seq.).

(8) “Replacement” means a transaction under which a new policy or contract is to be purchased, and for which it is known or should be known to the proposing agent or proposing insurer that, by reason of the transaction, an existing policy or contract has been or is to be:

(9) “Replacing insurer” means the insurer that issues or proposes to issue a new policy or contract that:

(10) “Sales material” means a sales illustration and any other written, printed, or electronically presented information: