§ 17-21a-401 Title
§ 17-21a-402 Uniformity of application and construction
§ 17-21a-403 Relation to Electronic Signatures in Global and National Commerce Act
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Terms Used In Utah Code > Title 17 > Chapter 21a > Part 4 - Relationship to Other Laws

  • Advertising: includes the following, if the requirements of Subsection (1)(a) are met:
    (i) a written, electronic, or printed communication;
    (ii) a communication by means of a recorded telephone message;
    (iii) a communication transmitted on radio, television, the Internet, or similar communications media; and
    (iv) a film strip, motion picture, or video. See Utah Code 31A-36-102
  • 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
  • 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
  • Department: means the Insurance Department. See Utah Code 31A-1-301
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 17-21a-102
  • 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.
  • 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
  • Financing entity: includes , if the requirements of Subsection (5)(a) are met, the following:
    (i) an underwriter;
    (ii) a placement agent;
    (iii) an enhancer of credit;
    (iv) a lender;
    (v) a purchaser of securities; and
    (vi) a purchaser of a policy from a life settlement provider. See Utah Code 31A-36-102
  • Form: means , in addition to a form as defined in Section 31A-1-301:
    (a) a life settlement;
    (b) a disclosure to an owner;
    (c) a notice of intent to settle; or
    (d) a verification of coverage. See Utah Code 31A-36-102
  • 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
  • Life settlement: includes :
    (i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or
    (ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner:
    (A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or
    (B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102
  • Life settlement producer: means a person licensed in the state as a life insurance producer that on behalf of an owner and for consideration offers or attempts to negotiate a life settlement between the owner and one or more life settlement providers. See Utah Code 31A-36-102
  • Life settlement provider: means a person other than an owner that enters into or effectuates a life settlement. See Utah Code 31A-36-102
  • 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.
  • Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
    (i) the owner of a policy; or
    (ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102
  • 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
  • Policy: means :
    (a) an individual or group life insurance policy;
    (b) an individual or group annuity policy;
    (c) a group life insurance certificate;
    (d) a group annuity certificate; or
    (e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah:
    (i) affecting the rights of a resident of Utah; or
    (ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102
  • 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
  • Related provider trust: means a trust established by a licensed life settlement provider or a financing entity solely to hold the ownership of or beneficial interests in purchased policies in connection with financing. See Utah Code 31A-36-102
  • 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.
  • Special purpose entity: means an entity formed by a licensed life settlement provider solely to enable the life settlement provider to gain access to institutional markets for capital. See Utah Code 31A-36-102