Except where a provision’s application is otherwise specifically limited, this part applies to all:
Terms Used In Utah Code 31A-22-600
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
Application: means a document:
(a)
(i)
completed by an applicant to provide information about the risk to be insured; and
(ii)
that contains information that is used by the insurer to evaluate risk and decide whether to:
(A)
insure the risk under:
(I)
the coverage as originally offered; or
(II)
a modification of the coverage as originally offered; or
(B)
decline to insure the risk; or
(b)
used by the insurer to gather information from the applicant before issuance of an annuity contract. 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
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
accident and health insurance contracts, including credit accident and health;
(b)
franchise;
(c)
group contracts; and
(d)
life insurance and annuity policies that directly or through a rider provide:
(i)
accident and health insurance benefits; or
(ii)
accelerated benefits where the receipt of benefits is contingent on morbidity requirements.
(2)
Nothing in this part applies to or affects:
(a)
workers’ compensation insurance;
(b)
reinsurance; or
(c)
accident and health insurance when it is part of or supplemental to liability, steam boiler, elevator, automobile, or other insurance covering loss of or damage to property, provided the loss, damage, or expense arises out of a hazard directly related to the other insurance.
(3)
Except as provided in Subsection (1), this part does not apply to or affect a life insurance or annuitypolicy including a life insurance policy:
(a)
with a rider or supplemental benefit that accelerates the death benefit contingent upon a mortality risk specifically for one or more of the qualifying events of:
(i)
terminal illness;
(ii)
medical conditions requiring extraordinary medical intervention; or
(iii)
permanent institutional confinement; and
(b)
that provides the option of a lump-sum payment for those benefits.
