“Administrator” means the same as that term is defined in Section 67-4a-102.
Terms Used In Utah Code 31A-22-1902
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
Certificate: means evidence of insurance given to:
Contract: A legal written agreement that becomes binding when signed.
Death master file: means the United States Social Security Administration's Death Master File or another database or service that is at least as comprehensive as the United States Social Security Administration's Death Master File for determining that a person has reportedly died. See Utah Code 31A-22-1902
Employee: means :
(a)
an individual employed by an employer; or
(b)
an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301
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
Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
insurance pertaining to or connected with human life. See Utah Code 31A-1-301
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Policy: means a policy or certificate of life insurance that provides a death benefit. See Utah Code 31A-22-1902
Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
Record keeping services: means those circumstances under which the insurer agrees with a group policy or contract customer to be responsible for obtaining, maintaining, and administering, in its own or its agents' systems, information about each individual insured under an insured's group insurance contract, or a line of coverage under the group insurance contract, at least the following information:
(a)
social security number, or name and date of birth;
Retained asset account: means a mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer by depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits. See Utah Code 31A-22-1902
Security: means a:
(i)
note;
(ii)
stock;
(iii)
bond;
(iv)
debenture;
(v)
evidence of indebtedness;
(vi)
certificate of interest or participation in a profit-sharing agreement;
(vii)
collateral-trust certificate;
(viii)
preorganization certificate or subscription;
(ix)
transferable share;
(x)
investment contract;
(xi)
voting trust certificate;
(xii)
certificate of deposit for a security;
(xiii)
certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(xiv)
commodity contract or commodity option;
(xv)
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or
(xvi)
another interest or instrument commonly known as a security. See Utah Code 31A-1-301
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
“Asymmetric conduct” means an insurer’s use of the death master file or other similar database before July 1, 2015, in connection with searching for information regarding whether annuitants under the insurer’s annuities might be deceased, but not in connection with whether the insureds under the insurer’s policies might be deceased.
(3)
(a)
“Contract” means an annuitycontract.
(b)
“Contract” does not include an annuity used to fund an employment-based retirement plan or program when:
(i)
the insurer does not perform the record keeping services; or
(ii)
the insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants.
(4)
“Death master file” means the United States Social Security Administration’s Death Master File or another database or service that is at least as comprehensive as the United States Social Security Administration’s Death Master File for determining that a person has reportedly died.
(5)
“Death master file match” means a search of a death master file that results in a match of the Social Security number, or the name and date of birth of an insured, annuity owner, or retained asset account holder.
(6)
(a)
“Policy” means a policy or certificate of life insurance that provides a death benefit.
(b)
“Policy” does not include:
(i)
a policy or certificate of life insurance that provides a death benefit under an employee benefit plan:
(A)
subject to the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1002, as periodically amended; or
(B)
under a federal employee benefit program;
(ii)
a policy or certificate of life insurance that is used to fund a preneed funeral contract or prearrangement;
(iii)
a policy or certificate of credit life or accidental death insurance; or
(iv)
a policy issued to a group master policyholder for which the insurer does not provide record keeping services.
(7)
“Record keeping services” means those circumstances under which the insurer agrees with a group policy or contract customer to be responsible for obtaining, maintaining, and administering, in its own or its agents’ systems, information about each individual insured under an insured’s group insurance contract, or a line of coverage under the group insurance contract, at least the following information:
(a)
social security number, or name and date of birth;
(b)
beneficiary designation information;
(c)
coverage eligibility;
(d)
benefit amount; and
(e)
premium payment status.
(8)
“Retained asset account” means a mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer by depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits.
