Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Certificate: means evidence of insurance given to:
Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
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
Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
the insured‘s death by suicide is voluntary or involuntary; or
(ii)
the insured is sane or insane.
(c)
If a suicide occurs within the two-year period described in Subsection (1)(a), the insurer shall pay to the beneficiary an amount not less than the premium paid less the following:
(i)
a dividend paid;
(ii)
an indebtedness; and
(iii)
a partial withdrawal.
(2)
(a)
If after a life insurance policy is in effect the policy allows the policyholder to purchase a death benefit that is larger than when the policy was originally effective for an additional premium, the payment of the additional increment of benefit may be limited in the event of a suicide within a two-year period beginning on the day on which the increment increase takes effect.
(b)
If a suicide occurs within the two-year period described in Subsection (2)(a), the insurer shall pay to the beneficiary an amount not less than the additional premium paid for the additional increment of benefit.
(3)
For a survivorship life insurance policy, this section applies when within two years from the day on which the survivorship life insurance policy is issued:
(a)
the death of all insureds results from suicide; or
(b)
the death of the surviving insured results from suicide.
(4)
This section does not apply to:
(a)
a policy insuring against death by accident only; or
(b)
an accident or double indemnity provision of an insurance policy.
