Terms Used In Utah Code > Title 31A > Chapter 22 > Part 4 - Life Insurance and Annuities

• Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301
• 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
• 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. 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 blanket contract: means a group insurance policy covering a defined class of persons: (a)  without individual underwriting or application; and (b)  that is determined by definition without designating each person covered. See Utah Code 31A-1-301 Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under 2. See Utah Code 63B-8-301 Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under 1. See Utah Code 63B-10-201 Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under 3. See Utah Code 63B-11-401 Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under 5. See Utah Code 63B-11-601 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 Capital project: means any land, building, facility, highway, improvement, equipment, or other property, or combination of them, that the state of Utah or any of its agencies, divisions, institutions, or other administrative subunits are authorized by law to acquire or construct. See Utah Code 63B-1-101 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 Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101 Contract: A legal written agreement that becomes binding when signed. Credit life insurance: means insurance on the life of a debtor in connection with an extension of credit that pays a person if the debtor dies. See Utah Code 31A-1-301 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 Facilities Construction and Management. See Utah Code 63B-1-101 Donor: The person who makes a gift. 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 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. Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following: (a)  a specific physical condition; (b)  a specific medical procedure; (c)  a specific disease or disorder; or (d)  a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301 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. 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. 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 Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve Group insurance policy: means a policy covering a group of persons that is issued: (i)  to a policyholder on behalf of the group; and (ii)  for the benefit of a member of the group who is selected under a procedure defined in: (A)  the policy; or (B)  an agreement that is collateral to the policy. See Utah Code 31A-1-301 Highway: includes :Utah Code 68-3-12.5 Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301 Individual: means a natural person. See Utah Code 31A-1-301 Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 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. Land: includes :Utah Code 68-3-12.5 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. 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 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 Nonparticipating: means a plan of insurance under which the insured is not entitled to receive a dividend representing a share of the surplus of the insurer. See Utah Code 31A-1-301 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. 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 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 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 Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. 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 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. 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 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 Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC Rider: means an endorsement to: (a)  an insurance policy; or (b)  an insurance certificate. See Utah Code 31A-1-301 Road: includes :Utah Code 68-3-12.5 Security: means a: (i)  note; (ii)  stock; (iii)  bond; (iv)  debenture; (v)  evidence of indebtedness; (vi)  certificate of interest or participation in a profit-sharing agreement; (vii)  collateral-trust certificate; (viii)  preorganization certificate or subscription; (ix)  transferable share; (x)  investment contract; (xi)  voting trust certificate; (xii)  certificate of deposit for a security; (xiii)  certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (xiv)  commodity contract or commodity option; (xv)  certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or (xvi)  another interest or instrument commonly known as a security. See Utah Code 31A-1-301 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 Sinking fund: means the fund or account established as provided in this title to hold money to pay the principal and interest on each series of bonds as they become due. See Utah Code 63B-1-101 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. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust. Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Writing: includes :Utah Code 68-3-12.5