Terms Used In Utah Code > Title 31A > Chapter 19a > Part 2 - General Rate Regulation

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• Accounts receivable: includes :

  (i)	unpaid fees, licenses, taxes, loans, overpayments, fines, forfeitures, surcharges, costs, contracts, interest, penalties, third-party claims, sale of goods, sale of services, claims, and damages;

  (ii)	a civil accounts receivable; and

  (iii)

  a civil judgment of restitution. See Utah Code 63A-3-501 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. Advisory council: means the Educational Interpretation and Translation Services Procurement Advisory Council established in Section 63A-2-502. See Utah Code 63A-2-501 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 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. 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 Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. authorized insurer: means an insurer: (i)  holding a valid certificate of authority to do an insurance business in this state; and (ii)  transacting business as authorized by a valid certificate. See Utah Code 31A-1-301 Borrower: means a person who borrows money from an infrastructure fund for an infrastructure project. See Utah Code 63A-3-401.5 Captive insurance company: means the same as that term is defined in Section 31A-37-102. See Utah Code 63A-4-101.1 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 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Civil accounts receivable: means the same as that term is defined in Section 77-32b-102. See Utah Code 63A-3-501 Civil judgment of restitution: means the same as that term is defined in Section 77-32b-102. See Utah Code 63A-3-501 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 Contract: means a contract entered into by the division for interpretation or translation services in accordance with Section 63A-2-502. See Utah Code 63A-2-501 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 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. Covered entity: means a participating entity of:Utah Code 63A-4-101.1 Criminal accounts receivable: means the same as that term is defined in Section 77-32b-102. See Utah Code 63A-3-501 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Debtor: means a party that owes, or is alleged to owe, an account receivable. See Utah Code 63A-3-301 Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Department: means the Department of Government Operations. See Utah Code 63A-1-103 Department: means the Insurance Department. See Utah Code 31A-1-301 Dependent: A person dependent for support upon another. Dividend: means money paid to a policyholder from the remaining portion of the premium paid for a policy: (a)  based on the participating class of business; and (b)  after the insurer has made deductions for: (i)  losses; (ii)  expenses; (iii)  additions to reserves; and (iv)  profit and contingencies. See Utah Code 31A-19a-102 Division: means the Division of Purchasing and General Services created under Section 63A-2-101. See Utah Code 63A-2-101.5 Division: means the Division of Finance, created in Section 63A-3-101. See Utah Code 63A-3-301 Docket: A log containing brief entries of court proceedings. 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 an individual, a corporation, partnership, or other organization that pays taxes to, or does business, with the state. See Utah Code 63A-3-501 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. Executive director: means the executive director of the Department of Government Operations. See Utah Code 63A-1-103 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 Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Federal surplus property: means surplus property of the federal government of the United States. See Utah Code 63A-2-101.5 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 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. Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor 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 Independent political subdivision: means :Utah Code 63A-3-401.5 Individual: means a natural person. See Utah Code 31A-1-301 Information technology equipment: means equipment capable of downloading, accessing, manipulating, storing, or transferring electronic data, including:Utah Code 63A-2-101.5 Infrastructure fund: means a fund created in Subsection 63A-3-402(1). See Utah Code 63A-3-401.5 Infrastructure loan: means a loan of infrastructure fund money to finance an infrastructure project. See Utah Code 63A-3-401.5 Infrastructure project: means a project to acquire, construct, reconstruct, rehabilitate, equip, or improve public infrastructure and improvements:Utah Code 63A-3-401.5 Inland port: means the same as that term is defined in Section 11-58-102. See Utah Code 63A-3-401.5 Inland port fund: means the infrastructure fund created in Subsection 63A-3-402(1)(a). See Utah Code 63A-3-401.5 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 interested shares: means the shares of an issuing public corporation in respect of which any of the following persons may exercise or direct the exercise of the voting power of the corporation, on or after the applicable record date, in the election of directors: (a)  an acquiring person or member of a group with respect to a control share acquisition; (b)  any officer of the issuing public corporation; or (c)  any employee of the issuing public corporation who is also a director of the corporation. See Utah Code 61-6-4 Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit. 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 Joint underwriting: means a voluntary arrangement established to provide insurance coverage for a risk pursuant to which two or more insurers jointly contract with the insured at a price and under policy terms agreed upon between the insurers. See Utah Code 31A-19a-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. Land: includes :Utah Code 68-3-12.5 LEA: means the same as that term is defined in Section 53E-1-102. See Utah Code 63A-2-501 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 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Lien: A claim against real or personal property in satisfaction of a debt. Local agency: means a nonprofit entity organized by participating political subdivisions to act on behalf of the participating political subdivisions with respect to the office's efforts to collect accounts receivable of participating political subdivisions through administrative offsets. See Utah Code 63A-3-301 Mail: means United States Postal Service first class mail to the intended recipient's last known address. See Utah Code 63A-3-301 Market: means the interaction between buyers and sellers consisting of a: (i)  product component; and (ii)  geographic component. See Utah Code 31A-19a-102 Military development fund: means the infrastructure fund created in Subsection 63A-3-402(1)(c). See Utah Code 63A-3-401.5 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. 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. Office: means the Office of State Debt Collection created in Section 63A-3-502. See Utah Code 63A-3-501 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. 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 Participating political subdivision: means a political subdivision that has entered into an agreement with a local agency authorizing the local agency to act on behalf of the political subdivision with respect to the office's efforts to collect accounts receivable of the political subdivision through administrative offsets. See Utah Code 63A-3-301 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. Past due: means any accounts receivable that the state has not received by the payment due date. See Utah Code 63A-3-501 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 Personal property: includes :Utah Code 68-3-12.5 Personal property: All property that is not real property. Plaintiff: The person who files the complaint in a civil lawsuit. Point of the mountain fund: means the infrastructure fund created in Subsection 63A-3-402(1)(b). See Utah Code 63A-3-401.5 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 Political subdivision: means the same as that term is defined in Section 63G-7-102. See Utah Code 63A-3-301 Political subdivision: means the same as that term is defined in Section 63G-7-102. See Utah Code 63A-3-501 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 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 Project area: means :Utah Code 63A-3-401.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 Property act: means the Federal Property and Administrative Services Act of 1949, 40 U. See Utah Code 63A-2-101.5 Property tax revenue: means :Utah Code 63A-3-401.5 Purchasing director: means the director of the division appointed under Section 63A-2-102. See Utah Code 63A-2-101.5 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 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. receivable: means any amount due the state or any other governmental entity within the state as a result of a judgment, citation, tax, or administrative order, or for which materials or services have been provided but for which payment has not been received by the servicing unit. See Utah Code 63A-3-301 receivables: means any amount due to a state agency from an entity for which payment has not been received by the state agency that is servicing the debt. See Utah Code 63A-3-501 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. Respective loan approval body: means :Utah Code 63A-3-401.5 Restitution: means the same as that term is defined in Section 77-38b-102. See Utah Code 63A-3-501 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Riskiness: means the variability of results around the average expected result. See Utah Code 31A-19a-102 Road: includes :Utah Code 68-3-12.5 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. Smart phone: means an electronic device that combines a cell phone with a hand-held computer, typically offering Internet access, data storage, and text and email capabilities. See Utah Code 63A-2-101.5 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 agency: means any executive branch department, division, or other agency of the state. See Utah Code 63A-2-101.5 State agency: includes : (i)  an executive branch agency; (ii)  the legislative branch of state government; and (iii)  the judicial branches of state government, including justice courts. See Utah Code 63A-3-501 State board: means the State Board of Education. See Utah Code 63A-2-501 State surplus property contractor: means a person in the private sector under contract with the state to provide one or more services related to the division's program for the management and disposition of state surplus property. See Utah Code 63A-2-101.5 Statute: A law passed by a legislature. 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 Surplus property program: means the program relating to state surplus property under 4. See Utah Code 63A-2-101.5 Surplus property program administrator: means :Utah Code 63A-2-101.5 Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301 Underwrite: means the authority to accept or reject risk on behalf of the insurer. See Utah Code 31A-1-301 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 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