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.
Credit life insurance: means insurance on the life of a debtor in connection with an extension of credit that pays a person if the debtor dies. 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
Life insurance: means :
(i)
insurance on a human life; and
(ii)
insurance pertaining to or connected with human life. See Utah Code 31A-1-301
Except as provided under Subsection (2), a life insurancepolicy, life insurancecertificate, annuitycontract, or annuity certificate shall contain a notice prominently printed on or attached to the cover or front page of the policy, contract, or certificate stating that the policyholder, contract holder, or certificate holder has the right to return the policy, contract, or certificate for any reason on or before:
(i)
10 days after the day on which the policy, contract, or certificate is delivered; or
(ii)
in case of a replacement policy, contract, or certificate, 30 days after the day on which the replacement policy, contract, or certificate is delivered.
(b)
For purposes of this section, “return” means a writing that:
(i)
the policy, contract, or certificate is being returned for termination of coverage;
(ii)
is:
(A)
a written statement on the policy, contract, or certificate; or
(B)
a writing that accompanies the policy, contract, or certificate; and
(iii)
is delivered to or mailed first class to the insurer or the insurer’s agent.
(c)
A policy, contract, or certificate returned under this section is void from the date of issuance.
(d)
A policyholder, contract holder, or certificate holder returning a policy or certificate is entitled to a refund of any premium paid.
(2)
This section does not apply to:
(a)
group term life insurance issued under Section 31A-22-502;
(b)
a group master policy;
(c)
a noncontributory certificate;
(d)
a credit life insurance certificate; and
(e)
other classes of life insurance policies that the commissioner specifies by rule after finding that a right to return those life insurance policies would be impracticable or unnecessary to protect the policyholder’s interests.
