Terms Used In Utah Code > Title 16 > Chapter 16 > Part 3 - Formation and Initial Articles of Organization of Limited Cooperative Association

• Adult: means an individual who is 18 years old or older. See Utah Code 31A-1-301
• 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
• 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 Appraisal: A determination of property value. 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. 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. board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. 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 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 Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. 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 Department: means the Insurance Department. See Utah Code 31A-1-301 Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 Eligible patient: means an individual who has been diagnosed with a terminal illness by a physician. See Utah Code 58-85-102 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 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: Money given to a third party to be held for payment until certain conditions are met. 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 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. 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 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 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 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 Individual: means a natural person. See Utah Code 31A-1-301 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 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 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 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 Insurer: means the same as that term is defined in Section 31A-1-301. See Utah Code 58-85-102 Investigational device: means a device that: (a)  meets the definition of "investigational device" in 21 C. See Utah Code 58-85-102 Investigational drug: means a drug that: (a)  meets the definition of "investigational new drug" in 21 C. See Utah Code 58-85-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Legatee: A beneficiary of a decedent Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. 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 License: includes a certificate of authority issued to an insurer. 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 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 minimum required capital: means the capital that must be constantly maintained by a stock insurance corporation as required by statute. See Utah Code 31A-1-301 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Motor club: means a person: (a)  licensed under: (i)  Chapter 5, Domestic Stock and Mutual Insurance Corporations; (ii)  Chapter 11, Motor Clubs; or (iii)  Chapter 14, Foreign Insurers; and (b)  that promises for an advance consideration to provide for a stated period of time one or more: (i)  legal services under Subsection 31A-11-102(1)(b); (ii)  bail services under Subsection 31A-11-102(1)(c); or (iii)  (A)  trip reimbursement; (B)  towing services; (C)  emergency road services; (D)  stolen automobile services; (E)  a combination of the services listed in Subsections (126)(b)(iii)(A) through (D); or (F)  other services given in Subsections 31A-11-102(1)(b) through (f). See Utah Code 31A-1-301 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 mutual corporation: means a mutual insurance corporation. See Utah Code 31A-1-301 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Order: means an order of the commissioner. See Utah Code 31A-1-301 Participating: means a plan of insurance under which the insured is entitled to receive a dividend representing a share of the surplus of the insurer. See Utah Code 31A-1-301 Permanent surplus: means the surplus of an insurer or organization that is designated by the insurer or organization as permanent. See Utah Code 31A-1-301 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Physician: means an individual who is licensed under: (a)  Title 58, Chapter 67, Utah Medical Practice Act; or (b)  Title 58, Chapter 68, Utah Osteopathic Medical Practice Act. See Utah Code 58-85-102 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 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. 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 Proceeding: includes an action or special statutory proceeding. 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 producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301 Property: includes both real and personal property. See Utah Code 68-3-12.5 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Quorum: The number of legislators that must be present to do business. Rate: means : (i)  the cost of a given unit of insurance; or (ii)  for property or casualty insurance, that cost of insurance per exposure unit either expressed as: (A)  a single number; or (B)  a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of: (I)  expenses; (II)  profit; and (III)  individual insurer variation in loss experience. 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 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Residential dwelling liability insurance: means insurance against liability resulting from or incident to the ownership, maintenance, or use of a residential dwelling that is a detached single family residence or multifamily residence up to four units. 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 Sell: means to exchange a contract of insurance: (a)  by any means; (b)  for money or its equivalent; and (c)  on behalf of an insurance company. See Utah Code 31A-1-301 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. 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 Statute: A law passed by a legislature. Stock corporation: means a stock insurance corporation. See Utah Code 31A-1-301 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Tax equivalent payment: means a payment required or authorized by statute to be made in lieu of ad valorem taxes on tax exempt property pursuant to a contract entered into under statutory authority and filed with the county assessor of the county in which the property is located. See Utah Code 59-3-102 Tax equivalent property: means property on which any tax equivalent payment is made. See Utah Code 59-3-102 Terminal illness: means a condition of a patient that: (a)  as determined by a physician: (i)  is likely to pose a greater risk to the patient than the risk posed to the patient by treatment with an investigational drug or investigational device; and (ii)  will inevitably lead to the patient's death; and (b)  presents the patient, after the patient has explored conventional therapy options, with no treatment option that is satisfactory or comparable to treatment with an investigational drug or device. See Utah Code 58-85-102 Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with: (a)  the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and (b)  another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301 Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5