Utah Code > Title 16 > Chapter 16 – Uniform Limited Cooperative Association Act
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Terms Used In Utah Code > Title 16 > Chapter 16 - Uniform Limited Cooperative Association Act
- 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 - accident and health insurance: means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Utah Code 31A-17-501
- Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
- Adjacent political subdivision: means a political subdivision of the state with a boundary that abuts the lake authority boundary or includes lake authority land. See Utah Code 11-65-101
- Adjudicative proceeding: means :Utah Code 68-3-12.5
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301
- Adult: means an individual who is 18 years old or older. See Utah Code 31A-1-301
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affiliate: means a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with a person specified. See Utah Code 61-1-13
- Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
- Agency: means :
(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and (b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301 - Agent: means an individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Utah Code 61-1-13
- Agreement: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102
- Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301
- Alternate feed material: means a natural or native material:
(i) mined for the extraction of its constituents or other matter from which source material may be extracted in a licensed uranium or thorium mill; and (ii) may be reprocessed for its source material content. See Utah Code 59-24-102 - Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amendment: means an endorsement to an insurance policy or certificate. See Utah Code 31A-1-301
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- 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
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- Application: means a document:
(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 - Appointed actuary: means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in Subsection 31A-17-503(2). See Utah Code 31A-17-501
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
- Arrest: Taking physical custody of a person by lawful authority.
- articles of incorporation: means :
(a) the original articles; (b) a special law; (c) a charter; (d) an amendment; (e) restated articles; (f) articles of merger or consolidation; (g) a trust instrument; (h) another constitutive document for a trust or other entity that is not a corporation; and (i) an amendment to an item listed in Subsections (11)(a) through (h). See Utah Code 31A-1-301 - Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- authorized insurer: means an insurer:
(i) holding a valid certificate of authority to do an insurance business in this state; and (ii) transacting business as authorized by a valid certificate. See Utah Code 31A-1-301 - Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- Bequest: Property gifted by will.
- Binder: means the same as that term is defined in Section 31A-21-102. See Utah Code 31A-1-301
- Board: means the lake authority's governing body, created in Section 11-65-301. See Utah Code 11-65-101
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
- Bona fide office: means a physical office in this state:
(a) that is open to the public; (b) that is staffed during regular business hours on regular business days; and (c) at which the public may appear in person to obtain services. See Utah Code 31A-1-301 - Brine shrimp eggs: means dormant, early stage brine shrimp embryos encapsulated as cysts that are harvested from within the state. See Utah Code 59-23-3
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Utah Code 61-1-13
- Business entity: means a claimant that is a:
(a) C corporation; (b) S corporation; (c) general partnership; (d) limited liability company; (e) limited liability partnership; (f) limited partnership; or (g) business entity similar to Subsections (1)(c) through (f): (i) with respect to which the business entity's income or losses are divided among and passed through to taxpayers; and (ii) as defined by the commission by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 59-6-101 - Business entity: means :
(a) a corporation; (b) an association; (c) a partnership; (d) a limited liability company; (e) a limited liability partnership; or (f) another legal entity. See Utah Code 31A-1-301 - business of insurance: includes :
(a) providing health care insurance by an organization that is or is required to be licensed under this title; (b) providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either: (i) by a single employer or by multiple employer groups; or (ii) through one or more trusts, associations, or other entities; (c) providing an annuity: (i) including an annuity issued in return for a gift; and (ii) except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3); (d) providing the characteristic services of a motor club; (e) providing another person with insurance; (f) making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance; (g) transacting or proposing to transact any phase of title insurance, including: (i) solicitation; (ii) negotiation preliminary to execution; (iii) execution of a contract of title insurance; (iv) insuring; and (v) transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance; (h) transacting or proposing a life settlement; and (i) doing, or proposing to do, any business in substance equivalent to Subsections (95)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301 - Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under:
(a) Section 31A-8-205; or (b) Subsection 31A-9-205(2). See Utah Code 31A-1-301 - Byproduct material: is a s defined in 42 U. See Utah Code 59-24-102
- Captive insurance company: means :
(a) an insurer: (i) owned by a parent organization; and (ii) whose purpose is to insure risks of the parent organization and other risks as authorized under: (A) Chapter 37, Captive Insurance Companies Act; and (B) Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or (b) in the case of a group or association, an insurer: (i) owned by the insureds; and (ii) whose purpose is to insure risks of: (A) a member organization; (B) a group member; or (C) an affiliate of: (I) a member organization; or (II) a group member. See Utah Code 31A-1-301 - cash: means a medium of exchange that a depository institution, as defined in Section 7-1-103, accepts for deposit and allows an immediate credit to an account in the depository institution, including the following in a depository institution:
(a) a savings account; or (b) a certificate of deposit with a maturity date within one year or less from the day on which the certificate of deposit is acquired. See Utah Code 31A-18-101 - Casualty insurance: means liability insurance. See Utah Code 31A-1-301
- 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 - Certified service provider: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102
- Chambers: A judge's office.
- Charitable organization: means an organization described in Section 501(c)(3) and exempt from tax under Section 501(a). See Utah Code 59-18-102
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Civil forfeiture: The loss of ownership of property used to conduct illegal activity.
- claimant: means a resident or nonresident person. See Utah Code 59-6-101
- classification: means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. See Utah Code 31A-19a-102
- Commission: means the Securities Commission created in Section 61-1-18. See Utah Code 61-1-13
- Commission: means the Title and Escrow Commission created in Section 31A-2-403. See Utah Code 31A-2-402
- commissioner: means the insurance commissioner of Utah or the commissioner, director, or superintendent of insurance in another state. See Utah Code 31A-15-202
- commissioner of insurance: means Utah's insurance commissioner. See Utah Code 31A-1-301
- Commodity: means , except as otherwise specified by the division by rule:
(i) an agricultural, grain, or livestock product or byproduct, except real property or a timber, agricultural, or livestock product grown or raised on real property and offered or sold by the owner or lessee of the real property; (ii) a metal or mineral, including a precious metal, except a numismatic coin whose fair market value is at least 15% greater than the value of the metal it contains; (iii) a gem or gemstone, whether characterized as precious, semi-precious, or otherwise; (iv) a fuel, whether liquid, gaseous, or otherwise; (v) a foreign currency; and (vi) all other goods, articles, products, or items of any kind, except a work of art offered or sold by art dealers, at public auction or offered or sold through a private sale by the owner of the work. See Utah Code 61-1-13 - Commodity contract: means an account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract, or otherwise. See Utah Code 61-1-13
- Commodity option: means an account, agreement, or contract giving a party to the option the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, or both whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise. See Utah Code 61-1-13
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Company: means an entity that:
(i) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in this state and has at least one such policy in force or on claim; or (ii) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Utah Code 31A-17-501 - Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Completed operations liability: includes liability for an activity that is completed or abandoned before the date of the occurrence giving rise to the liability. See Utah Code 31A-15-202
- Concurrence: means the entities given a concurring role must jointly agree for the action to be taken. See Utah Code 31A-2-402
- consultant: means a person who:
(a) advises another person about insurance needs and coverages; (b) is compensated by the person advised on a basis not directly related to the insurance placed; and (c) except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301 - Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- contract holder: means a person who purchases a service contract. See Utah Code 31A-6a-101
- control shares: means shares that except for this chapter would have voting power with respect to shares of an issuing public corporation that, when added to all other shares of the issuing public corporation owned by a person or in respect to which that person may exercise or direct the exercise of voting power, would entitle that person, immediately after acquisition of the shares (directly or indirectly, alone or as a part of a group), to exercise or direct the exercise of the voting power, including voting power pursuant to a revocable proxy, of the issuing public corporation in the election of directors within any of the following ranges of voting power:
(a) 1/5 or more but less than 1/3 of all voting power; (b) 1/3 or more but less than a majority of all voting power; or (c) a majority or more of all voting power. See Utah Code 61-6-2 - Controlling person: means a person that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. See Utah Code 31A-1-301
- Conviction: A judgement of guilt against a criminal defendant.
- Corporate governance annual disclosure: means a report an insurer or insurance group files in accordance with the requirements of Chapter 16b, Corporate Governance Annual Disclosure Act. See Utah Code 31A-1-301
- Corporation: means :
(a) any domestic corporation organized under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act; (b) any foreign corporation engaged in business in this state under Sections 16-6a-1501 through 16-6a-1518; (c) any project entity defined in Section 11-13-103; or (d) a public agency, as defined in Section 11-13-103, to the extent it owns an interest in facilities providing additional project capacity, as defined in Section 11-13-103. See Utah Code 59-8-103 - Corporation: means an insurance corporation, except when referring to:
(i) a corporation doing business: (A) as: (I) an insurance producer; (II) a surplus lines producer; (III) a limited line producer; (IV) a consultant; (V) a managing general agent; (VI) a reinsurance intermediary; (VII) a third party administrator; or (VIII) an adjuster; and (B) under: (I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries; (II) Chapter 25, Third Party Administrators; or (III) Chapter 26, Insurance Adjusters; or (ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301 - Corrective order: means an order issued by the commissioner specifying corrective action that the commissioner determines is required. See Utah Code 31A-17-601
- County legislative body: means :Utah Code 68-3-12.5
- Creditor: means a person, including an insured, having a claim, whether:
(a) matured; (b) unmatured; (c) liquidated; (d) unliquidated; (e) secured; (f) unsecured; (g) absolute; (h) fixed; or (i) contingent. See Utah Code 31A-1-301 - Crop insurance: includes multiperil crop insurance. See Utah Code 31A-1-301
- Custodian institution: means a financial institution in this state as defined under Section 7-1-103 that:
(i) has authority under Title 7, Chapter 5, Trust Business, to engage in a trust business; and (ii) is approved by the commissioner to have custody of deposited securities, whether physically, through the Federal Reserve book-entry system, or through a clearing corporation as defined under Subsection 70A-8-101(1). See Utah Code 31A-2-206 - Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: means a deceased natural person. See Utah Code 59-11-102
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Deemer clause: means a provision under this title under which upon the occurrence of a condition precedent, the commissioner is considered to have taken a specific action. See Utah Code 31A-1-301
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Deficiency: is a s defined in Section 59-1-1402. See Utah Code 59-1-101
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Dependent: A person dependent for support upon another.
- Deposit-type contract: means a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual. See Utah Code 31A-17-501
- Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-1-13
- depository institution: means a depository institution or a depository institution holding company as defined in Section 7-1-103. See Utah Code 61-6-5
- Devise: To gift property by will.
- Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13
- Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
- Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
(a) perform the duties of: (i) that individual's occupation; or (ii) an occupation for which the individual is reasonably suited by education, training, or experience; or (b) perform two or more of the following basic activities of daily living: (i) eating; (ii) toileting; (iii) transferring; (iv) bathing; or (v) dressing. See Utah Code 31A-1-301 - Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Dividend: means money paid to a policyholder from the remaining portion of the premium paid for a policy:
(a) based on the participating class of business; and (b) after the insurer has made deductions for: (i) losses; (ii) expenses; (iii) additions to reserves; and (iv) profit and contingencies. See Utah Code 31A-19a-102 - Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
- Docket: A log containing brief entries of court proceedings.
- Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
- Domiciliary state: means the state in which an insurer:
(a) is incorporated; (b) is organized; or (c) in the case of an alien insurer, enters into the United States. See Utah Code 31A-1-301 - Dual licensed title licensee: means a title licensee who holds:
(a) an individual title insurance producer license as a title licensee; and (b) a license or certificate under: (i) Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act; (ii) Title 61, Chapter 2f, Real Estate Licensing and Practices Act; or (iii) Title 61, Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 31A-2-402 - Eligible patient: means an individual who has been diagnosed with a terminal illness by a physician. See Utah Code 58-85-102
- Emergency response plan: means a written plan of action for the reasonable and appropriate contact, deployment, and coordination of services, agencies, and personnel to provide the earliest possible response to an injury or emergency. See Utah Code 11-63-102
- Employee: means :
(a) an individual employed by an employer; or (b) an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301 - Engaging in business: means carrying on or causing to be carried on any activity through which goods or services are made or rendered by the taxpayer, except as provided in Section 59-7-102. See Utah Code 59-8-103
- Enrollee: includes an insured. See Utah Code 31A-1-301
- Enterprise risk: means an activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including anything that would cause:
(a) the insurer's risk-based capital to fall into an action or control level as set forth in Sections 31A-17-601 through 31A-17-613; or (b) the insurer to be in hazardous financial condition set forth in Section 31A-27a-101. See Utah Code 31A-1-301 - Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Escrow: means :
(i) a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions: (A) the explanation, holding, or creation of a document; or (B) the receipt, deposit, and disbursement of money; (ii) a settlement or closing involving: (A) a mobile home; (B) a grazing right; (C) a water right; or (D) other personal property authorized by the commissioner. See Utah Code 31A-1-301 - Estate: means a nonresident estate or a resident estate. See Utah Code 59-6-101
- Excess surplus: means :
(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of: (A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of: (I) 2. See Utah Code 31A-1-301 - Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following:
(a) a specific physical condition; (b) a specific medical procedure; (c) a specific disease or disorder; or (d) a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301 - Executive director: means the executive director of the Department of Commerce. See Utah Code 61-1-13
- Executor: A male person named in a will to carry out the decedent
- Executor: includes "administrator" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Expenses: means that portion of a rate attributable to:
(a) acquisition; (b) field supervision; (c) collection expenses; (d) general expenses; (e) taxes; (f) licenses; and (g) fees. See Utah Code 31A-19a-102 - Experience rating: means a rating procedure that:
(a) uses the past insurance experience of an individual policyholder to forecast the future losses of the policyholder by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification; and (b) produces a prospective premium credit, debit, or unity modification. See Utah Code 31A-19a-102 - facility: means :
(a) a facility licensed under Section 19-3-105; or (b) a uranium mill licensed under 10 C. See Utah Code 59-24-102 - Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- feasibility study: means an analysis that presents the expected activities and results of a risk retention group, including at a minimum:
(a) information sufficient to verify that its members are engaged in businesses or activities similar or related with respect to the liability to which the members are exposed by virtue of any related, similar or common business, trade, product, services, premises or operations; (b) for each state in which it intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer; (c) historical and expected loss experience of the proposed members and national experience of similar exposures to the extent that this experience is reasonably available; (d) pro forma financial statements and projections; (e) appropriate opinions by a qualified, independent casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition; (f) identification of management, underwriting and claims procedures, marketing methods, managerial oversight methods, investment policies, and reinsurance agreements; (g) identification of each state in which the risk retention group has obtained, or sought to obtain, a charter and license, and a description of its status in each such state; and (h) any other matters required by the commissioner of the state in which the risk retention group is chartered for liability insurance companies authorized by the insurance laws of that state. See Utah Code 31A-15-202 - Federal covered adviser: means a person who:
(i) is registered under Section 203 of the Investment Advisers Act of 1940; or (ii) is excluded from the definition of "investment adviser" under Section 202(a)(11) of the Investment Advisers Act of 1940. See Utah Code 61-1-13 - Federal covered security: means a security that is a covered security under Section 18(b) of the Securities Act of 1933 or rules or regulations promulgated under Section 18(b) of the Securities Act of 1933. See Utah Code 61-1-13
- Federal credit: means the maximum amount of the credit for state death taxes allowed by Section 2011 in respect to a decedent's taxable estate. See Utah Code 59-11-102
- Federal Reserve book-entry system: means the computerized system sponsored by the United States Department of the Treasury and certain other agencies and instrumentalities of the United States for holding and transferring securities of the United States government and other agencies and instrumentalities. See Utah Code 31A-2-206
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fee: means any periodic charge for use of a discount program. See Utah Code 31A-8a-102
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Fiduciary: A trustee, executor, or administrator.
- Filed: means that a filing is:
(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii) received by the department within the time period provided in applicable statute, rule, or filing order; and (iii) accompanied by the appropriate fee in accordance with: (A) Section 31A-3-103; or (B) rule. See Utah Code 31A-1-301 - Filing: when used as a noun, means an item required to be filed with the department including:
(a) a policy; (b) a rate; (c) a form; (d) a document; (e) a plan; (f) a manual; (g) an application; (h) a report; (i) a certificate; (j) an endorsement; (k) an actuarial certification; (l) a licensee annual statement; (m) a licensee renewal application; (n) an advertisement; (o) a binder; or (p) an outline of coverage. See Utah Code 31A-1-301 - Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
- Form: means one of the following prepared for general use:
(i) a policy; (ii) a certificate; (iii) an application; (iv) an outline of coverage; or (v) an endorsement. See Utah Code 31A-1-301 - Franchise fee: is a s defined in 47 U. See Utah Code 59-26-102
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Gross receipts: means the totality of the consideration that the taxpayer receives for any good or service produced or rendered in the state without any deduction or expense paid or accrued in respect to it. See Utah Code 59-8-103
- Gross receipts: means all consideration an owner or operator of a radioactive waste facility receives for the disposal of radioactive waste in the state, without any deduction or expense paid or accrued related to the disposal of the radioactive waste. See Utah Code 59-24-102
- Group-wide supervisor: means the commissioner or other regulatory official designated as the group-wide supervisor for an internationally active insurance group under Section 31A-16-108. See Utah Code 31A-1-301
- Guaranteed: means guaranteed as to payment of principal or interest as to debt securities, or dividends as to equity securities. See Utah Code 61-1-13
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Hazardous financial condition: means that a risk retention group, based on its present or reasonably anticipated financial condition, although not yet financially impaired or insolvent, is unlikely to be able:
(a) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or (b) to pay other obligations in the normal course of business. See Utah Code 31A-15-202 - Health benefit plan: means a policy, contract, certificate, or agreement offered or issued by an insurer to provide, deliver, arrange for, pay for, or reimburse any of the costs of health care, including major medical expense coverage. See Utah Code 31A-1-301
- Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:
(a) a professional service; (b) a personal service; (c) a facility; (d) equipment; (e) a device; (f) supplies; or (g) medicine. See Utah Code 31A-1-301 - Health care provider: means the same as that term is defined in Section 78B-3-403. See Utah Code 31A-1-301
- Health care provider: means a health care provider as defined in Section 78B-3-403, with the exception of "licensed athletic trainer" who:
(a) is practicing within the scope of the provider's license; and (b) has agreed either directly or indirectly, by contract or any other arrangement with a health discount program operator, to provide a discount to enrollees of a health discount program. See Utah Code 31A-8a-102 - Health discount program: means a business arrangement or contract in which a person pays fees, dues, charges, or other consideration in exchange for a program that provides access to health care providers who agree to provide a discount for health care services. See Utah Code 31A-8a-102
- Health discount program marketer: means a person, including a private label entity, that markets, promotes, sells, or distributes a health discount program but does not operate a health discount program. See Utah Code 31A-8a-102
- Health discount program operator: means a person that provides a health discount program by entering into a contract or agreement, directly or indirectly, with a person or persons in this state who agree to provide discounts for health care services to enrollees of the health discount program and determines the charge to members. See Utah Code 31A-8a-102
- 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 - Health organization: means :
(a) an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and (b) that is: (i) a health maintenance organization; (ii) a limited health service organization; (iii) a dental or vision plan; (iv) a hospital, medical, and dental indemnity or service corporation; or (v) other managed care organization. See Utah Code 31A-17-601 - Home warranty service contract: means a service contract that requires a person to repair or replace a component, system, or appliance of a home or make indemnification to the contract holder for the repair or replacement of a component, system, or appliance of the home:
(a) upon mechanical or operational failure of the component, system, or appliance; (b) for a predetermined fee; and (c) if: (i) the person is not the builder, seller, or lessor of the home that is the subject of the contract; and (ii) the failure described in Subsection (1)(a) occurs within a specified period of time. See Utah Code 31A-6a-101 - Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Individual: means a natural person. See Utah Code 31A-1-301
- Inherent risk: means a danger or condition that is an integral part of an activity occurring at a trampoline park. See Utah Code 11-63-102
- insolvent: means that:
(a) an insurer is unable to pay the insurer's obligations as the obligations are due; (b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or (c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301 - Inspection: means a procedure that an inspector conducts to:
(a) determine whether a trampoline park facility, including any device or material, is constructed, assembled, maintained, tested, and operated in accordance with this chapter and the manufacturer's recommendations; (b) determine the operational safety of a trampoline park facility, including any device or material; and (c) determine whether the trampoline park's policies and procedures comply with this chapter. See Utah Code 11-63-102 - Inspector: means an individual who:
(a) conducts an inspection of a trampoline park to certify compliance with this chapter and industry safety standards; and (b) (i) is certified by: (A) an organization that develops and publishes consensus standards for a wide range of materials, products, systems, and services that are used for trampolines; or (B) an organization that promotes trampoline park safety and adopts the standards described in Subsection (5)(b)(i)(A); (ii) represents the insurer of the trampoline park; (iii) represents or is certified by a department or agency, regardless of whether the agency is located within the state, that: (A) inspects amusement and recreational facilities and equipment; and (B) certifies and trains professional private industry inspectors through written testing and continuing education requirements; or (iv) represents an organization that the United States Olympic Committee designates as the national governing body for gymnastics. See Utah Code 11-63-102 - 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 - Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Utah Code 31A-15-202
- Insurance adjuster: means a person who directs or conducts the investigation, negotiation, or settlement of a claim under an insurance policy other than life insurance or an annuity, on behalf of an insurer, policyholder, or a claimant under an insurance policy. See Utah Code 31A-1-301
- insurance company: means a person doing an insurance business as a principal including:
(i) a fraternal benefit society; (ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3); (iii) a motor club; (iv) an employee welfare plan; (v) a person purporting or intending to do an insurance business as a principal on that person's own account; and (vi) a health maintenance organization. See Utah Code 31A-1-301 - Insurance group: means the persons that comprise an insurance holding company system. See Utah Code 31A-1-301
- Insurance holding company system: means a group of two or more affiliated persons, at least one of whom is an insurer. 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:
(i) a policyholder; (ii) a subscriber; (iii) a member; and (iv) a beneficiary. See