Terms Used In Utah Code > Title 16 > Chapter 16 > Part 17 - Miscellaneous Provisions

• 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 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 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the Insurance Department. See Utah Code 31A-1-301 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 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 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 Individual: means a natural person. 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 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 Utah Code 31A-1-301 Liability insurance: includes : (i)  vehicle liability insurance; (ii)  residential dwelling liability insurance; and (iii)  making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301 Loss adjustment expense: means the expenses incurred by the insurer in the course of settling claims. See Utah Code 31A-19a-102 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Order: means an order of the commissioner. See Utah Code 31A-1-301 Premium: includes , however designated: (i)  an assessment; (ii)  a membership fee; (iii)  a required contribution; or (iv)  monetary consideration. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Rate: means that cost of insurance per exposure unit either expressed as: (i)  a single number; or (ii)  as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of: (A)  expenses; (B)  profit; and (C)  individual insurer variation in loss experience. See Utah Code 31A-19a-102 Rate service organization: means a person who assists an insurer in rate making or filing by: (i)  collecting, compiling, and furnishing loss or expense statistics; (ii)  recommending, making, or filing rates or supplementary rate information; or (iii)  advising about rate questions, except as an attorney giving legal advice. See Utah Code 31A-1-301 Rating manual: means any of the following used to determine initial and renewal policy premiums: (a)  a manual of rates; (b)  a classification; (c)  a rate-related underwriting rule; and (d)  a rating formula that describes steps, policies, and procedures for determining initial and renewal policy premiums. See Utah Code 31A-1-301 Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 Supplementary rate information: includes one or more of the following needed to determine the applicable rate in effect or to be in effect: (a)  a manual or plan of rates; (b)  a statistical plan; (c)  a classification; (d)  a rating schedule; (e)  a minimum premium; (f)  a policy fee; (g)  a rating rule; (h)  a rate-related underwriting rule; (i)  a rate modification plan; or (j)  any other similar information prescribed by rule of the commissioner as supplementary rate information. See Utah Code 31A-19a-102 Supporting information: includes one or more of the following: (a)  data demonstrating actuarial justification for the basic rate factors, classifications, expenses, and profit factors used by the filer; (b)  the experience and judgment of the filer; (c)  the experience or data of other insurers or rate service organizations relied upon by the filer; (d)  the interpretation of any other data relied upon by the filer; (e)  descriptions of methods used in making the rates; or (f)  any other information defined by rule as supporting information that is required to be filed. See Utah Code 31A-19a-102 Uniform experience rating plan: means a plan that is consistent between all insurers for experience rating entities insured for workers' compensation insurance. See Utah Code 31A-19a-403 Uniform statistical plan: means a plan that is consistent between all insurers that is used for the reporting of workers' compensation insurance statistical data. See Utah Code 31A-19a-403 Writing: includes :Utah Code 68-3-12.5