a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Long-term care insurance: includes :
(i)
any of the following that provide directly or supplement long-term care insurance:
(A)
a group or individual annuity or rider; or
(B)
a life insurance policy or rider;
(ii)
a policy or rider that provides for payment of benefits on the basis of:
for property or casualty insurance, that cost of insurance per exposure unit either expressed as:
(A)
a single number; or
(B)
a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
A long-term care insurancepolicy or certificate may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate including a nonforfeiture benefit.
(b)
The offer of a nonforfeiture benefit under Subsection (1)(a) may be in the form of a rider that is attached to the policy.
(c)
If the policyholder or certificate holder declines the nonforfeiture benefit offered under this Subsection (1), the insurer shall provide a contingent benefit upon lapse of the policy or certificate that is available for a specified period of time following a substantial increase in premium rates.
(d)
(i)
Except as provided in Subsection (1)(d)(ii), if a group long-term care insurance policy is issued, the offer required in this Subsection (1) shall be made to the group policyholder.
(ii)
If the policy is issued to a group authorized under Section 31A-22-509, the offer required under this Subsection (1) shall be made to each proposed certificate holder.
(2)
The commissioner shall make rules:
(a)
specifying the types of nonforfeiture benefits to be offered as part of a long-term care insurance policy or certificate;
(b)
specifying the standards for nonforfeiture benefits; and
(c)
regarding contingent benefits upon lapse, including a determination of:
(i)
the specified period of time during which a contingent benefit upon lapse will be available as provided in Subsection (1); and
(ii)
the substantial premium rate increase that triggers a contingent benefit upon lapse as provided in Subsection (1).