Utah Code 31A-22-427. Life insurance and annuity policy records
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Terms Used In Utah Code 31A-22-427
- Certificate: means evidence of insurance given to:
(a) an insured under a group insurance policy; or (b) a third party. 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 - 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 - Policy: includes a service contract issued by:
(i) a motor club under Chapter 11, Motor Clubs; (ii) a service contract provided under Chapter 6a, Service Contracts; and (iii) a corporation licensed under: (A) Chapter 7, Nonprofit Health Service Insurance Corporations; or (B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 A life insurer, and its successors, shall maintain all records that affect the legal effect of a life insurance policy, annuity contract, or certificate of life insurance for the term of the insurance plus five years.Enacted by Chapter 125, 2005 General Session