|(a) Words and terms defined in Insurance Code Chapter
4001 shall have the same meaning when used in this subchapter.
(b) The following words and terms, when used in this
subchapter, have the following meanings, unless the context clearly
(1) Commission--Any amount received by a public insurance
adjuster for service provided under Insurance Code Chapter 4102, consisting
of an hourly fee, a flat rate, a percentage of the total amount paid
by the insurer to resolve a claim, or another method of compensation,
including expenses, direct costs, or any other costs accrued by the
public insurance adjuster, not to exceed 10 percent of the amount
of the insurance settlement on the claim.
(2) Corporation--A legal entity that is organized under
the business corporations laws or limited liability company laws of
this state, another state, or a territory of the United States. The
licensing and regulation of a limited liability company is subject
to all provisions of this subchapter that apply to a corporation licensed
under this subchapter.
(3) Partnership--An association of two or more persons
organized under the partnership laws or limited liability partnership
laws of this state, another state, or a territory of the United States.
The term includes a general partnership, limited partnership, limited
liability partnership, and limited liability limited partnership.
(4) Public Insurance Adjuster--A person licensed under
Insurance Code Chapter 4102 or §19.704 of this subchapter (relating
to Public Insurance Adjuster Licensing). A licensed public insurance
adjuster may be otherwise referred to as a "license holder" or "licensee"
in this subchapter.