Terms Used In Utah Code > Title 31A > Chapter 22 > Part 2 - Liability Insurance in General

• Agency bonds: means any bond, note, contract, or other evidence of indebtedness representing loans or grants made by an authorizing agency. See Utah Code 63B-1b-102
• Authorizing agency: means the board, person, or unit with legal responsibility for administering and managing revolving loan funds. See Utah Code 63B-1b-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}
• Bond document: means :

  (a)	a resolution of the commission; or

  (b)

  an indenture or other similar document authorized by the commission that authorizes and secures outstanding revenue bonds from time to time. See Utah Code 63B-1b-102 Bonds: means any bonds, bond anticipation notes, or other obligations authorized under this title for which the full faith, credit, and resources and ad valorem taxing power of the state have been pledged for the payment of the principal of and interest on the bonds. See Utah Code 63B-1-101 Case law: The law as laid down in cases that have been decided in the decisions of the courts. Claims-made coverage: means an insurance contract or provision limiting coverage under a policy insuring against legal liability to claims that are first made against the insured while the policy is in force. See Utah Code 31A-1-301 Commission: means the State Bonding Commission, created in Section 63B-1-201. See Utah Code 63B-1b-102 Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Contract: A legal written agreement that becomes binding when signed. Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101 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. Fraud: Intentional deception resulting in injury to another. 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 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 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. 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 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 Property: includes both real and personal property. See Utah Code 68-3-12.5 Revenue bonds: means any special fund revenue bonds issued under this chapter. See Utah Code 63B-1b-102 Revolving Loan Funds: means : (a)  the Water Resources Conservation and Development Fund, created in Section 73-10-24; (b)  the Water Resources Construction Fund, created in Section 73-10-8; (c)  the Water Resources Cities Water Loan Fund, created in Section 73-10-22; (d)  the Clean Fuel Conversion Funds, created in 4; (e)  the Water Development Security Fund and its subaccounts, created in Section 73-10c-5; (f)  the Agriculture Resource Development Fund, created in Section 4-18-106; (g)  the Utah Rural Rehabilitation Fund, created in Section 4-19-105; (h)  the Permanent Community Impact Fund, created in Section 35A-8-303; (i)  the Petroleum Storage Tank Fund, created in Section 19-6-409; and (j)  the State Infrastructure Bank Fund, created in Section 72-2-202. See Utah Code 63B-1b-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 Statute: A law passed by a legislature. 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 Writing: includes :Utah Code 68-3-12.5