In this chapter, "promotional event prize program" means a written contract entered into in this state for commercial marketing or promotional purposes:
(1) under which a monetary risk is transferred from one or more parties to the contract to another party to the contract;
(2) that does not require as a condition precedent to the imposition of contractual liability on the part of the person accepting the risk:
(A) actual economic loss by the person who transfers the risk; or
(B) submission of proof of economic loss by the person transferring the risk; and
(3) that specifically states that the contract is not for insurance and performance under the contract is not covered by any state guaranty association.