This 4, applies to all life insurance policies and contracts, including:
(1)
an annuitycontract;
Terms Used In Utah Code 31A-22-400
blanket contract: means a group insurance policy covering a defined class of persons:
(a)
without individual underwriting or application; and
(b)
that is determined by definition without designating each person covered. See Utah Code 31A-1-301
Contract: A legal written agreement that becomes binding when signed.
Insurance: includes :
(i)
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
