TEXAS INSURANCE LAW
The state agency responsible for regulating insurance in Texas.
What is the Texas Department of Insurance?
The license held by an agent who resides in Texas and meets Texas licensing requirements.
What is a resident license?
Giving an improper inducement to purchase insurance.
What is rebating?
Texas’ insurer of last resort for eligible homeowners who cannot obtain coverage in the voluntary market.
What is the Texas FAIR Plan Association?
The Texas minimum liability limits expressed as three numbers.
What is 30/60/25?
An insurer formed under Texas law.
What is a domestic insurer?
An agent who lives in another state but is licensed to conduct insurance business in Texas.
What is a nonresident agent?
Making a false statement about an insurer’s financial condition.
What is defamation?
This organization provides windstorm and hail coverage for eligible coastal property owners.
What is TWIA?
The first number in 30/60/25 represents this.
What is $30,000 bodily injury liability per person?
An insurer formed under the laws of another U.S. state.
What is a foreign insurer?
This type of agent has significant delegated management authority from an insurer.
What is a managing general agent?
Making a false or misleading statement about an insurance policy or its benefits.
What is misrepresentation?
Ending an insurance policy before its expiration date.
What is cancellation?
Protection that applies when the at-fault driver has no liability insurance.
What is uninsured motorist coverage?
An insurer formed under the laws of another country.
What is an alien insurer?
Insurance written through this market generally involves a non-admitted insurer and risks that cannot readily be placed in the standard market.
What is surplus lines insurance?
Intentionally deceiving someone to obtain an insurance benefit.
What is insurance fraud?
An insurer’s decision not to continue a policy when it reaches its expiration date.
What is nonrenewal?
Protection that can apply when the at-fault driver’s insurance isn’t enough to cover the injured party’s damages.
What is underinsured motorist coverage?
This document authorizes an insurer to transact insurance in Texas.
What is a certificate of authority?
This requirement helps licensed insurance professionals remain current with insurance laws and practices.
What is continuing education?
A concerted effort by two or more parties to refuse to deal with another party.
What is a boycott?
The Texas organization designed to provide certain protection when a member property and casualty insurer becomes insolvent.
What is the Texas Property and Casualty Insurance Guaranty Association?
Texas’ automobile insurer of last resort for eligible drivers who cannot obtain coverage through the voluntary market.
What is TAIPA?