Terms Used In Utah Code > Title 31A > Chapter 22 > Part 9 - Contracts of Fraternal Insurers

• 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 Authorizing statute: means the statute creating an entity as an independent entity. See Utah Code 63E-1-102 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 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 Committee: means the Retirement and Independent Entities Committee created by Section 63E-1-201. See Utah Code 63E-1-102 Contract: A legal written agreement that becomes binding when signed. 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. 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. Fiduciary: A trustee, executor, or administrator. Independent corporation: means a corporation incorporated in accordance with Chapter 2, Independent Corporations Act. See Utah Code 63E-1-102 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 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Money held in trust: means money maintained for the benefit of: (a)  one or more private individuals, including public employees; (b)  one or more public or private entities; or (c)  the owners of a quasi-public corporation. See Utah Code 63E-1-102 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 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 Quorum: The number of legislators that must be present to do business. 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.