Utah Code 31A-22-809. Right of debtor to choose insurer
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Terms Used In Utah Code 31A-22-809
- Accident and health insurance: means insurance to provide protection against economic losses resulting from:
(i) a medical condition including: (A) a medical care expense; or (B) the risk of disability; (ii) accident; or (iii) sickness. See Utah Code 31A-1-301 - Creditor: means the lender of money or the vendor or lessor of goods, services, or property, for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of any lender or vendor. See Utah Code 31A-22-802
- Debtor: means a borrower of money or a purchaser, including a lessee under a lease intended as security, of goods, services, or property, for which payment is arranged through a credit transaction. See Utah Code 31A-22-802
- health insurance: means insurance providing:
(i) a health care benefit; or (ii) payment of an incurred health care expense. See Utah Code 31A-1-301 - Indebtedness: means the total amount payable by a debtor to a creditor in connection with a credit transaction, including principal finance charges and interest. See Utah Code 31A-22-802
- 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 - Security: means a:
(i) note; (ii) stock; (iii) bond; (iv) debenture; (v) evidence of indebtedness; (vi) certificate of interest or participation in a profit-sharing agreement; (vii) collateral-trust certificate; (viii) preorganization certificate or subscription; (ix) transferable share; (x) investment contract; (xi) voting trust certificate; (xii) certificate of deposit for a security; (xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (xiv) commodity contract or commodity option; (xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or (xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301 When credit life insurance or credit accident and health insurance is required as security for any indebtedness, the creditor shall inform the debtor of the debtor’s option to furnish the required insurance through existing policies of insurance owned or controlled by the debtor or to procure and furnish the required coverage through any insurer authorized to transact life or accident and health insurance in Utah.Amended by Chapter 116, 2001 General Session