Terms Used In Utah Code > Title 31A > Chapter 17 > Part 5 - Standard Valuation Law

• 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
• Adjudicative proceeding: means :Utah Code 68-3-12.5
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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 Allegation: something that someone says happened. 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. Applicable appraisal standards: means : (a)  the Uniform Standards for Professional Appraisal Practice: (i)  published by the Appraisal Foundation; and (ii)  as adopted under Section 61-2g-403; (b)  Chapter 2g, Real Estate Appraiser Licensing and Certification Act; and (c)  rules made by the board under Chapter 2g, Real Estate Appraiser Licensing and Certification Act. See Utah Code 61-2e-102 Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102 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. Appraisal: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102 Appraisal management service: means : (a)  recruiting, selecting, or retaining an appraiser; (b)  contracting with an appraiser to perform a real estate appraisal activity for a client; (c)  managing the appraisal process, including one or more of the following administrative services: (i)  receiving an appraisal order or an appraisal report; (ii)  submitting a completed appraisal report to a client; (iii)  collecting a fee from a client for a service provided; or (iv)  paying an appraiser for a real estate appraisal activity; or (d)  reviewing or verifying the work of an appraiser. See Utah Code 61-2e-102 Appraisal report: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102 Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Utah Code 61-2e-102 Appraiser: means an individual who engages in a real estate appraisal activity. See Utah Code 61-2e-102 Appraiser panel: includes an appraiser whom the appraisal management company has: (i)  accepted for consideration for a future appraisal assignment: (A)  in a residential mortgage loan transaction; or (B)  for a secondary mortgage market participant in connection with a residential mortgage loan transaction; or (ii)  engaged to perform an appraisal: (A)  in a residential mortgage loan transaction; or (B)  for a secondary mortgage market participant in connection with a residential mortgage loan transaction. See Utah Code 61-2e-102 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. 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. Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102 board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301 Branch office: means a licensed entity's office: (i)  for the transaction of the business of residential mortgage loans regulated under this chapter; (ii)  other than the main office of the licensed entity; and (iii)  that operates under: (A)  the same business name as the licensed entity; or (B)  another trade name that is registered with the division under the entity license. See Utah Code 61-2c-102 Business of residential mortgage loans: means for compensation or in the expectation of compensation to: (A)  engage in an act that makes an individual a mortgage loan originator; (B)  make or originate a residential mortgage loan; (C)  directly or indirectly solicit a residential mortgage loan for another; (D)  unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including: (I)  preparing a loan package; (II)  communicating with the borrower or lender; (III)  advising on a loan term; (IV)  receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or (V)  communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or (E)  engage in loan modification assistance. See Utah Code 61-2c-102 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 education provider: means a person who is certified under Section 61-2c-204. See Utah Code 61-2c-102 Civil judgment: means a judgment in a civil action that:Utah Code 61-2c-501.5 Client: means a person that enters into an agreement with an appraisal management company for the performance of a real estate appraisal activity. See Utah Code 61-2e-102 Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102 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 Compensation: means anything of economic value that is paid, loaned, granted, given, donated, or transferred to an individual or entity for or in consideration of: (i)  services; (ii)  personal or real property; or (iii)  another thing of value. See Utah Code 61-2c-102 Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102 Concurrence: means that the entities that are given a concurring role must jointly agree before an action may be taken. See Utah Code 61-2e-102 Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections 61-2c-204. See Utah Code 61-2c-102 Contract: A legal written agreement that becomes binding when signed. Controlling person: means : (a)  an owner, officer, or director of an entity seeking to offer appraisal management services; (b)  an individual employed, appointed, or authorized by an appraisal management company who has the authority to: (i)  enter into a contractual relationship with a client for the performance of an appraisal management service; and (ii)  enter into an agreement with an appraiser for the performance of a real estate appraisal activity; or (c)  a person who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company. See Utah Code 61-2e-102 Conviction: A judgement of guilt against a criminal defendant. 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. Creditor: means : (a)  a person who regularly extends credit that, under a written agreement, is subject to a finance charge or is payable in more than four installments, not including any down payment; and (b)  a person to whom the obligation described in Subsection (14)(a) is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. See Utah Code 61-2e-102 Criminal restitution judgment: means a judgment that, in accordance with the Utah Code of Criminal Procedure, orders criminal restitution to a person and against a person licensed under this chapter for a criminal offense involving fraud, misrepresentation, or deceit in a residential mortgage loan transaction. See Utah Code 61-2c-501.5 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Department: means the Insurance Department. See Utah Code 31A-1-301 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 Director: means the director of the division. See Utah Code 61-2c-102 Director: means the director of the division. See Utah Code 61-2e-102 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 Division: means the Division of Real Estate. See Utah Code 61-2c-102 Division: means the Division of Real Estate, created in Section 61-2-201, of the Department of Commerce. See Utah Code 61-2e-102 Dwelling: means a residential structure that contains up to four units, regardless of whether the structure is attached to real property, including: (a)  an individual condominium unit; (b)  a cooperative unit; (c)  a mobile home; or (d)  a trailer, if the trailer is used as a residence. See Utah Code 61-2e-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 Entity: means : (i)  a corporation; (ii)  a limited liability company; (iii)  a partnership; (iv)  a company; (v)  an association; (vi)  a joint venture; (vii)  a business trust; (viii)  a trust; or (ix)  another organization. See Utah Code 61-2c-102 Entity: means : (a)  a corporation; (b)  a partnership; (c)  a sole proprietorship; (d)  a limited liability company; (e)  another business entity; or (f)  a subsidiary or unit of an entity described in Subsections (18)(a) through (e). See Utah Code 61-2e-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. Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102 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 Federally regulated appraisal management company: means an appraisal management company that is: (a)  owned and controlled by an insured depository institution, as defined in 12 U. See Utah Code 61-2e-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 Final judgment: means one of the following judgments upon termination of the proceedings related to the judgment, including appeals:Utah Code 61-2c-501.5 Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC 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 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 Fraud: Intentional deception resulting in injury to another. Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501. See Utah Code 61-2c-501.5 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC 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 Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301 Independent contractor: means an appraiser whom an appraisal management company treats as an independent contractor for purposes of federal income taxation. See Utah Code 61-2e-102 Individual: means a natural person. See Utah Code 31A-1-301 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC 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. Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102 life insurance: means a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Utah Code 31A-17-501 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Member: means a person having membership rights in an insurance corporation. 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. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan originator: means an individual who, for compensation or in expectation of compensation: (A)  (I)  takes a residential mortgage loan application; (II)  offers or negotiates terms of a residential mortgage loan for the purpose of: (Aa)  a purchase; (Bb)  a refinance; (Cc)  a loan modification assistance; or (Dd)  a foreclosure rescue; or (III)  directly or indirectly solicits a residential mortgage loan for another person; and (B)  is licensed as a mortgage loan originator in accordance with this chapter. See Utah Code 61-2c-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. Order: means an order of the commissioner. See Utah Code 31A-1-301 Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means :Utah Code 68-3-12.5 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 Person: means an individual or entity. See Utah Code 61-2c-102 Person: means an individual or an entity. See Utah Code 61-2e-102 Person who regularly extends credit: means a person who: (a)  extends credit, other than credit subject to the requirements of 12 C. See Utah Code 61-2e-102 Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. 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 Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Principal lending manager: means an individual: (i)  licensed as a lending manager under Section 61-2c-206; and (ii)  identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. See Utah Code 61-2c-102 Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with Section 31A-17-515 as specified in the valuation manual. See Utah Code 31A-17-501 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. 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 Property: includes both real and personal property. See Utah Code 68-3-12.5 Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing the statements and who meets the requirements specified in the valuation manual. See Utah Code 31A-17-501 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 Real estate appraisal activity: means the same as that term is defined in Section 61-2g-102. See Utah Code 61-2e-102 Record: means information that is: (i)  prepared, owned, received, or retained by a person; and (ii)  (A)  inscribed on a tangible medium; or (B)  (I)  stored in an electronic or other medium; and (II)  in a perceivable and reproducible form. See Utah Code 61-2c-102 Residential mortgage loan: means an extension of credit, if: (i)  the loan or extension of credit is secured by a: (A)  mortgage; (B)  deed of trust; or (C)  consensual security interest; and (ii)  the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i): (A)  is on a dwelling located in the state; and (B)  is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102 Residential mortgage loan: means the same as that term is defined in Section 61-2c-102. See Utah Code 61-2e-102 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Secondary mortgage market participant: includes an individual investor in a mortgage-backed security, if the investor is also the guarantor, insurer, underwriter, or issuer of the mortgage-backed security. See Utah Code 61-2e-102 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. Settlement: means the time at which each of the following is complete: (i)  the borrower and, if applicable, the seller sign and deliver to each other or to the escrow or closing office each document required by: (A)  the real estate purchase contract; (B)  the lender; (C)  the title insurance company; (D)  the escrow or closing office; (E)  the written escrow instructions; or (F)  applicable law; (ii)  the borrower delivers to the seller, if applicable, or to the escrow or closing office any money, except for the proceeds of any new loan, that the borrower is required to pay; and (iii)  if applicable, the seller delivers to the buyer or to the escrow or closing office any money that the seller is required to pay. See Utah Code 61-2c-102 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 State: means : (i)  a state, territory, or possession of the United States; (ii)  the District of Columbia; or (iii)  the Commonwealth of Puerto Rico. See Utah Code 61-2c-102 Subpoena: A command to a witness to appear and give testimony. Tail risk: means a risk that occurs either when the frequency of low probability events is higher than expected under a normal probability distribution or when there are observed events of very significant size or magnitude. See Utah Code 31A-17-501 Territory: means any of the following United States territories: (a)  Guam; (b)  Northern Mariana Islands; (c)  Puerto Rico; or (d)  United States Virgin Islands. See Utah Code 61-2e-102 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5 Valuation manual: means the manual of valuation instructions adopted in accordance with Section 31A-17-514. See Utah Code 31A-17-501 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Writ: means an order or precept in writing, issued in the name of:Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5