Utah Code > Title 31A > Chapter 17 > Part 6 – Risk-Based Capital
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Terms Used In Utah Code > Title 31A > Chapter 17 > Part 6 - Risk-Based Capital
- 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 - 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
- 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.
- 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.
- Affiliate: means a person who controls, is controlled by, or is under common control with, another person. 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.
- Analysis assignment: means an unbiased analysis, opinion, or conclusion that relates to the nature, quality, or utility of identified real estate or identified real property. See Utah Code 61-2g-102
- 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 - 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: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of a specified interest in, or aspect of, identified real estate or identified real property. See Utah Code 61-2g-102
- Appraisal Foundation: means the Appraisal Foundation that was incorporated as an Illinois not-for-profit corporation on November 30, 1987. See Utah Code 61-2g-102
- Appraisal report: means a communication, written or oral, of an appraisal. See Utah Code 61-2g-102
- Appraisal Subcommittee: means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. See Utah Code 61-2e-102
- Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Associate broker: means an individual who is:
(a) employed or engaged as an independent contractor by or on behalf of a principal broker to perform an act described in Subsection (20) for valuable consideration; and (b) licensed under this chapter as an associate broker. See Utah Code 61-2f-102 - 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
- Board: means the Real Estate Appraiser Licensing and Certification Board that is established in Section 61-2g-204. See Utah Code 61-2g-102
- Board: means the Real Estate Appraiser Licensing and Certification Board that is created in Section 61-2g-204. See Utah Code 61-2e-102
- Branch broker: means an associate broker who manages a principal broker's branch office under the supervision of the principal broker. See Utah Code 61-2f-102
- Branch office: means a principal broker's real estate brokerage office that is not the principal broker's main office. See Utah Code 61-2f-102
- Business opportunity: means the sale, lease, or exchange of any business that includes an interest in real estate. See Utah Code 61-2f-102
- Certified appraisal report: means a written or oral appraisal report that is certified by a state-certified general appraiser or state-certified residential appraiser. See Utah Code 61-2g-102
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Commission: means the Real Estate Commission established under this chapter. See Utah Code 61-2f-102
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Concurrence: means that the entities that are given a concurring role jointly agree to an action. See Utah Code 61-2g-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
- Concurrence: means the entities given a concurring role must jointly agree for action to be taken. See Utah Code 61-2f-102
- Condominium unit: means the same as that term is defined in Section 57-8-3. See Utah Code 61-2f-102
- Consultation service: means an engagement to provide a real estate valuation service analysis, opinion, conclusion, or other service that does not fall within the definition of appraisal. See Utah Code 61-2g-102
- Contingent fee: means a fee or other form of compensation, payment of which is dependent on or conditioned by:
(i) the reporting of a predetermined analysis, opinion, or conclusion by the person performing the analysis, opinion, or conclusion; or (ii) achieving a result specified by the person requesting the analysis, opinion, or conclusion. See Utah Code 61-2g-102 - Contract: A legal written agreement that becomes binding when signed.
- 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) 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.
- Corrective order: means an order issued by the commissioner specifying corrective action that the commissioner determines is required. See Utah Code 31A-17-601
- Credential: means a state-issued registration, license, or certification that allows an individual to perform any act or service that requires licensure or certification under this chapter. See Utah Code 61-2g-102
- 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
- Dependent: A person dependent for support upon another.
- Director: means the director of the division. See Utah Code 61-2e-102
- Director: means the director of the Division of Real Estate. See Utah Code 61-2f-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 of the Department of Commerce. See Utah Code 61-2g-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
- Division: means the Division of Real Estate. See Utah Code 61-2f-102
- Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
- Dual broker: means a principal broker of a real estate sales brokerage who obtains from the division a dual broker license in order to function as the principal broker of a property management company that is a separate entity from the real estate sales brokerage. See Utah Code 61-2f-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 - Entity: means :
(a) a corporation; (b) a partnership; (c) a limited liability company; (d) a company; (e) an association; (f) a joint venture; (g) a business trust; (h) a trust; or (i) any organization similar to an entity described in Subsections (14)(a) through (h). See Utah Code 61-2f-102 - Evaluation: means an opinion on the market value of real property or real estate that:
(i) is made in accordance with the Interagency Appraisal and Evaluation Guidelines; and (ii) is provided to a financial institution for use in a real estate related transaction for which the regulations of the federal financial institutions regulatory agencies do not require an appraisal. See Utah Code 61-2g-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 61-2g-102
- Executive director: means the director of the Department of Commerce. See Utah Code 61-2f-102
- Federal financial institutions regulatory agencies: means :
(i) the Board of Governors of the Federal Reserve System; (ii) the Federal Deposit Insurance Corporation; (iii) the Office of the Comptroller of the Currency; and (iv) the National Credit Union Administration. See Utah Code 61-2g-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
- 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 - Financial institution: means an insured:
(i) depository as defined in 12 U. See Utah Code 61-2g-102 - 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
- Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
(a) engage, or offer to engage, in an act that: (i) the person represents will assist a borrower in preventing a foreclosure; and (ii) relates to a transaction involving the transfer of title to residential real property; or (b) as an employee or agent of another person: (i) solicit, or offer that the other person will engage in an act described in Subsection (16)(a); or (ii) negotiate terms in relationship to an act described in Subsection (16)(a). See Utah Code 61-2f-102 - Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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 - Indemnity: means the payment of an amount to offset all or part of an insured loss. 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 - Interagency Appraisal and Evaluation Guidelines: means the guidelines published as Interagency Appraisal and Evaluation Guidelines, 75 Fed. See Utah Code 61-2g-102
- 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
- issuing public corporation: means a corporation, other than a depository institution, that is organized under the laws of this state and that has:
(a) 100 or more shareholders; (b) its principal place of business, its principal office, or substantial assets within the state; and (c) (i) more than 10% of its shareholders resident in the state; (ii) more than 10% of its shares owned by Utah residents; or (iii) 10,000 shareholders resident in the state. See Utah Code 61-6-5 - 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.
- Land: includes :Utah Code 68-3-12.5
- Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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 - Life or accident and health insurer: means :
(a) an insurance company licensed to write life insurance, accident and health insurance, or both; or (b) a licensed property casualty insurer writing only disability insurance. See Utah Code 31A-17-601 - Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Loan modification assistance: means , for compensation or with the expectation of receiving valuable consideration, to:
(a) act, or offer to act, on behalf of a person to: (i) obtain a loan term of a residential mortgage loan that is different from an existing loan term including: (A) an increase or decrease in an interest rate; (B) a change to the type of interest rate; (C) an increase or decrease in the principal amount of the residential mortgage loan; (D) a change in the number of required period payments; (E) an addition of collateral; (F) a change to, or addition of, a prepayment penalty; (G) an addition of a cosigner; or (H) a change in persons obligated under the existing residential mortgage loan; or (ii) substitute a new residential mortgage loan for an existing residential mortgage loan; or (b) as an employee or agent of another person: (i) solicit, or offer that the other person will engage in an act described in Subsection (17)(a); or (ii) negotiate terms in relationship to an act described in Subsection (17)(a). See Utah Code 61-2f-102 - Main office: means the address which a principal broker designates with the division as the principal broker's primary brokerage office. See Utah Code 61-2f-102
- Managed care organization: means a person:
(a) licensed as a health maintenance organization under Chapter 8, Health Maintenance Organizations and Limited Health Plans; or (b) (i) licensed under: (A) Chapter 5, Domestic Stock and Mutual Insurance Corporations; (B) Chapter 7, Nonprofit Health Service Insurance Corporations; or (C) Chapter 14, Foreign Insurers; and (ii) that requires an enrollee to use, or offers incentives, including financial incentives, for an enrollee to use, network providers. 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
- 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
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- Oath: includes "affirmation. See Utah Code 68-3-12.5
- Oath: A promise to tell the truth.
- 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 an entity. See Utah Code 61-2e-102
- Person: means an individual or entity. See Utah Code 61-2f-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 - Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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 broker: means an individual who is licensed or required to be licensed as a principal broker under this chapter who:
(a) sells or lists for sale real estate, including real estate being sold as part of a foreclosure rescue, or a business opportunity with the expectation of receiving valuable consideration; (b) buys, exchanges, or auctions real estate, an option on real estate, a business opportunity, or an improvement on real estate with the expectation of receiving valuable consideration; (c) advertises, offers, attempts, or otherwise holds the individual out to be engaged in the business described in Subsection (20)(a) or (b); (d) is employed by or on behalf of the owner of real estate or by a prospective purchaser of real estate and performs an act described in Subsection (20)(a), whether the individual's compensation is at a stated salary, a commission basis, upon a salary and commission basis, or otherwise; (e) with the expectation of receiving valuable consideration, manages property owned by another person; (f) advertises or otherwise holds the individual out to be engaged in property management; (g) with the expectation of receiving valuable consideration, assists or directs in the procurement of prospects for or the negotiation of a transaction listed in Subsections (20)(a) and (e); (h) except for a mortgage lender, title insurance producer, or an employee of a mortgage lender or title insurance producer, assists or directs in the closing of a real estate transaction with the expectation of receiving valuable consideration; (i) engages in foreclosure rescue; or (j) advertises, offers, attempts, or otherwise holds the person out as being engaged in foreclosure rescue. See Utah Code 61-2f-102 - 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
- 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
- Property and casualty insurer: means any insurance company licensed to write lines of insurance other than life but does not include a monoline mortgage guaranty insurer, financial guaranty insurer, or title insurer. See Utah Code 31A-17-601
- Property management: means engaging in, with the expectation of receiving valuable consideration, the management of real estate owned by another person or advertising or otherwise claiming to be engaged in property management by:
(i) advertising for, arranging, negotiating, offering, or otherwise attempting or participating in a transaction calculated to secure the rental or leasing of real estate; (ii) collecting, agreeing, offering, or otherwise attempting to collect rent for the real estate and accounting for and disbursing the money collected; or (iii) authorizing expenditures for repairs to the real estate. See Utah Code 61-2f-102 - Property management sales agent: means a sales agent who:
(a) is affiliated with a dual broker through the dual broker's property management company; and (b) is designated by the dual broker as a property management sales agent. See Utah Code 61-2f-102 - 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 - RBC: means risk-based capital. See Utah Code 31A-17-601
- RBC instructions: means the RBC report including the National Association of Insurance Commissioner's risk-based capital instructions that govern the year for which an RBC report is prepared. See Utah Code 31A-17-601
- RBC plan: means a comprehensive financial plan containing the elements specified in Subsection 31A-17-603(2). See Utah Code 31A-17-601
- RBC report: means the report required in Section 31A-17-602. See Utah Code 31A-17-601
- Real estate: means an identified parcel or tract of land including improvements if any. See Utah Code 61-2g-102
- Real estate: includes leaseholds and business opportunities involving real property. See Utah Code 61-2f-102
- Real estate related transaction: means :
(i) the sale, lease, purchase, investment in, or exchange of real property or an interest in real property, or the financing of such a transaction; (ii) the refinancing of real property or an interest in real property; or (iii) the use of real property or an interest in real property as security for a loan or investment, including mortgage-backed securities. See Utah Code 61-2g-102 - Real property: means one or more defined interests, benefits, or rights inherent in the ownership of real estate. See Utah Code 61-2g-102
- real property: includes :Utah Code 68-3-12.5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Regular salaried employee: means an individual who performs a service for wages or other remuneration, whose employer withholds federal employment taxes under a contract of hire, written or oral, express or implied. See Utah Code 61-2f-102
- Reinstatement: means restoring a license that has expired or has been suspended. See Utah Code 61-2f-102
- 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
- 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.
- Renewal: means extending a license for an additional licensing period on or before the date the license expires. See Utah Code 61-2f-102
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Review assignment: means an unbiased analysis, opinion, or conclusion that forms an opinion as to the adequacy and appropriateness of a valuation appraisal or an analysis assignment. See Utah Code 61-2g-102
- Sales agent: means an individual who is:
(a) affiliated with a principal broker, either as an independent contractor or an employee as provided in Section 61-2f-303, to perform for valuable consideration an act described in Subsection (20); and (b) licensed under this chapter as a sales agent. See Utah Code 61-2f-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.
- Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
- 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-certified general appraiser: means a person who holds a current, valid certification as a state-certified general appraiser issued under this chapter. See Utah Code 61-2g-102
- State-certified residential appraiser: means a person who holds a current, valid certification as a state-certified residential real estate appraiser issued under this chapter. See Utah Code 61-2g-102
- State-licensed appraiser: means a person who holds a current, valid license as a state-licensed appraiser issued under this chapter. See Utah Code 61-2g-102
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
- Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- 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 - Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Trainee: means an individual who:
(i) does not hold an appraiser license or appraiser certification issued under this chapter; (ii) works under the direct supervision of a state-certified appraiser to earn experience for licensure; and (iii) is registered as a trainee under this chapter. See Utah Code 61-2g-102 - Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
- Trustee: A person or institution holding and administering property in trust.
- 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 appraisal: means an unbiased analysis, opinion, or conclusion that estimates the value of an identified parcel of real estate or identified real property at a particular point in time. See Utah Code 61-2g-102
- 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