Terms Used In Utah Code > Title 31A > Chapter 28 - Guaranty Associations

• 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 Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301 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. Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-28-203 Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301 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 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. Amendment: means an endorsement to an insurance policy or certificate. 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 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 Arrest: Taking physical custody of a person by lawful authority. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Association: means the Utah Life and Health Insurance Guaranty Association continued under Section 31A-28-106. See Utah Code 31A-28-105 Association account: means the Utah Property and Casualty Insurance Guaranty Association Account created by Section 31A-28-205. See Utah Code 31A-28-203 authorized: when used in the context of assessments, means that the board of directors passed a resolution by which an assessment will be called immediately or in the future from member insurers for an amount specified in the resolution. See Utah Code 31A-28-105 Behavioral health transition facility: means a nonsecure correctional facility operated by the department for the purpose of providing a therapeutic environment for offenders receiving mental health services. See Utah Code 64-13-1 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 Benefit plan: means a specific benefit plan of: (a)  employees; (b)  a union; or (c)  an association of natural persons. See Utah Code 31A-28-105 Board: means the board of directors of the innovation lab, as described in Section 63N-21-202. See Utah Code 63N-21-101 Board of directors: means the board of directors established under Section 31A-28-107. See Utah Code 31A-28-105 board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301 called: when used in the context of assessments, means that the association issued a notice to member insurers requiring that an authorized assessment be paid within the time frame set forth in the notice. See Utah Code 31A-28-105 Case action plan: means a document developed by the Department of Corrections that identifies: (a)  the program priorities for the treatment of the offender, including the criminal risk factors as determined by risk, needs, and responsivity assessments conducted by the department; and (b)  clearly defined completion requirements. See Utah Code 64-13-1 Cash surrender value: means the cash surrender value without reduction for an outstanding policy loan or surrender charge. See Utah Code 31A-28-105 Casualty insurance: means liability insurance. See Utah Code 31A-1-301 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 Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes. Claimant: means : (i)  an insured making a first-party claim; or (ii)  a person instituting a liability claim. See Utah Code 31A-28-203 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. Community correctional center: means a nonsecure correctional facility operated by the department, but does not include a behavioral health transition facility for the purposes of Section 64-13f-103. See Utah Code 64-13-1 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Contract: A legal written agreement that becomes binding when signed. contract owner: means a person who: (i)  is identified as the legal owner under the terms of the policy or contract; or (ii)  is otherwise vested with legal title to the policy or contract through a valid assignment: (A)  completed in accordance with the terms of the policy or contract; and (B)  properly recorded as the owner on the books of the insurer. See Utah Code 31A-28-105 Contractual obligation: means an obligation under any of the following for which coverage is provided under Section 31A-28-103: (a)  a policy or contract; (b)  a certificate under a group policy or contract; or (c)  a portion of a policy or contract. See Utah Code 31A-28-105 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. Corporation: means an insurance corporation, except when referring to: (i)  a corporation doing business: (A)  as: (I)  an insurance producer; (II)  a surplus lines producer; (III)  a limited line producer; (IV)  a consultant; (V)  a managing general agent; (VI)  a reinsurance intermediary; (VII)  a third party administrator; or (VIII)  an adjuster; and (B)  under: (I)  Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries; (II)  Chapter 25, Third Party Administrators; or (III)  Chapter 26, Insurance Adjusters; or (ii)  a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301 Correctional facility: means any facility operated to house offenders in a secure or nonsecure setting: (a)  by the department; or (b)  under a contract with the department. See Utah Code 64-13-1 Coverage date: means the date on which the association becomes responsible for the obligations of a member insurer. See Utah Code 31A-28-105 Covered claim: means an unpaid claim, including an unpaid claim under a personal lines policy for unearned premiums submitted by a claimant, if: (i)  the claim arises out of the coverage; (ii)  the claim is within the coverage; (iii)  the claim is not in excess of the applicable limits of an insurance policy to which this part applies; (iv)  the insurer who issued the policy becomes an insolvent insurer; and (v)  (A)  the claimant or insured is a resident of this state at the time of the insured event; or (B)  the claim is a first-party claim for damage to property that is permanently located in this state. See Utah Code 31A-28-203 Covered portion: means : (i)  for a covered policy that has a cash surrender value, a fraction calculated with: (A)  the numerator being the lesser of: (I)  (Aa)  $200,000 for a life insurance policy; or (Bb)  $250,000 for a covered policy that is not a life insurance policy; or (II)  the cash surrender value of the policy; and (B)  the denominator being the cash surrender value of the policy; and (ii)  for a covered policy that does not have a cash surrender value, a fraction calculated with: (A)  the numerator being the lesser of: (I)  (Aa)  $200,000 for a life insurance policy; and (Bb)  $250,000 for a covered policy that is not a life insurance policy; or (II)  the policy's minimum statutory reserve; and (B)  the denominator being the policy's minimum statutory reserve. See Utah Code 31A-28-105 Creditor: means a person, including an insured, having a claim, whether: (a)  matured; (b)  unmatured; (c)  liquidated; (d)  unliquidated; (e)  secured; (f)  unsecured; (g)  absolute; (h)  fixed; or (i)  contingent. See Utah Code 31A-1-301 Criminal risk factors: means an individual's characteristics and behaviors that: (a)  affect the individual's risk of engaging in criminal behavior; and (b)  are diminished when addressed by effective treatment, supervision, and other support resources, resulting in a reduced risk of criminal behavior. See Utah Code 64-13-1 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the Department of Corrections. See Utah Code 64-9b-2 Department: means the Department of Corrections. See Utah Code 64-13-1 Department: means the Insurance Department. See Utah Code 31A-1-301 Direct supervision: means a housing and supervision system that is designed to meet the goals described in Subsection 64-13-14(5) and has the elements described in Subsection 64-13-14(6). See Utah Code 64-13-1 Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 Domiciliary state: means the state in which an insurer: (a)  is incorporated; (b)  is organized; or (c)  in the case of an alien insurer, enters into the United States. See Utah Code 31A-1-301 Emergency: means any riot, disturbance, homicide, inmate violence occurring in any correctional facility, or any situation that presents immediate danger to the safety, security, and control of the department. See Utah Code 64-13-1 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 Enrollee: includes an insured. See Utah Code 31A-1-301 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 Evidence-based: means a program or practice that has had multiple randomized control studies or a meta-analysis demonstrating that the program or practice is effective for a specific population or has been rated as effective by a standardized program evaluation tool. See Utah Code 64-13-1 Evidence-informed: means a program or practice that is based on research and the experience and expertise of the department. See Utah Code 64-13-1 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 Executive director: means the executive director of the Department of Corrections. See Utah Code 64-13-1 Extra-contractual claim: includes a claim relating to: (a)  bad faith in the payment of a claim; (b)  punitive or exemplary damages; or (c)  attorney fees and costs. See Utah Code 31A-28-105 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 Fraud: Intentional deception resulting in injury to another. Germane: On the subject of the pending bill or other business; a strict standard of relevance. Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted. Health benefit plan: means a policy, contract, certificate, or agreement offered or issued by an insurer to provide, deliver, arrange for, pay for, or reimburse any of the costs of health care, including major medical expense coverage. See Utah Code 31A-1-301 Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment: (a)  a professional service; (b)  a personal service; (c)  a facility; (d)  equipment; (e)  a device; (f)  supplies; or (g)  medicine. See Utah Code 31A-1-301 health insurance: means insurance providing: (i)  a health care benefit; or (ii)  payment of an incurred health care expense. See Utah Code 31A-1-301 Impaired insurer: means a member insurer that is not an insolvent insurer and: (a)  is considered by the commissioner to be hazardous pursuant to this title; or (b)  is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Utah Code 31A-28-105 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 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Inmate: means any man or woman who is under the jurisdiction of the department and who is assigned to the Utah state prison or to a county jail. See Utah Code 64-9b-2 Inmate: means an individual who is: (a)  committed to the custody of the department; and (b)  housed at a correctional facility or at a county jail at the request of the department. See Utah Code 64-13-1 Innovation lab: means the Utah Innovation Lab created in Section 63N-21-201. See Utah Code 63N-21-101 insolvent: means that: (a)  an insurer is unable to pay the insurer's obligations as the obligations are due; (b)  an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or (c)  an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301 Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Utah Code 31A-28-105 Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Utah Code 31A-28-203 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 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Liability insurance: includes : (i)  vehicle liability insurance; (ii)  residential dwelling liability insurance; and (iii)  making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301 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. 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 Long-term care insurance: includes : (i)  any of the following that provide directly or supplement long-term care insurance: (A)  a group or individual annuity or rider; or (B)  a life insurance policy or rider; (ii)  a policy or rider that provides for payment of benefits on the basis of: (A)  cognitive impairment; or (B)  functional capacity; or (iii)  a qualified long-term care insurance contract. See Utah Code 31A-1-301 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Member insurer: includes an insurer whose license or certificate of authority in this state may have been: (i)  suspended; (ii)  revoked; (iii)  not renewed; or (iv)  voluntarily withdrawn. See Utah Code 31A-28-105 Member insurer: means any person who: (a)  writes any kind of insurance to which this part applies under Section 31A-28-202, including the exchange of reciprocal or inter-insurance contracts; and (b)  is licensed to transact insurance in this state. See Utah Code 31A-28-203 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 Net direct written premiums: means direct gross premiums written in this state on insurance policies that this part applies to, less return premiums and dividends paid or credited to policyholders on the direct business. See Utah Code 31A-28-203 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. Offender: means an individual who has been convicted of a crime for which the individual may be committed to the custody of the department and is at least one of the following: (a)  committed to the custody of the department; (b)  on probation; or (c)  on parole. See Utah Code 64-13-1 Order: means an order of the commissioner. See Utah Code 31A-1-301 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 Personal lines policy: means an insurance policy issued to an individual that: (a)  insures a motor vehicle used for personal purposes and not used in trade or business; or (b)  insures a residential dwelling. See Utah Code 31A-28-203 Plaintiff: The person who files the complaint in a civil lawsuit. Plan sponsor: means the same as that term is defined in 29 U. 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 premiums: means an amount or consideration received on covered policies or contracts, less: (i)  returned: (A)  premiums; (B)  considerations; and (C)  deposits; and (ii)  dividends and experience credits. See Utah Code 31A-28-105 Probate: Proving a will 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 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 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Qualified business: means a business entity that: (a)  is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and (b)  maintains the business's principal business operations in the state. See Utah Code 63N-21-101 Qualified investment: means any distribution or payment of funds to a qualified business from the Utah innovation fund, including: (a)  a direct investment of capital in a qualified business for the purchase of shares of stock; (b)  a secured loan or revolving line of credit to a qualified business; or (c)  a financial grant to a qualified business. See Utah Code 63N-21-101 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 Receiver: means , as the context requires: (a)  a rehabilitator; (b)  a liquidator; (c)  an ancillary receiver; or (d)  a conservator. See Utah Code 31A-28-105 Receivership court: means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer. See Utah Code 31A-28-105 Recidivism: means a return to criminal activity after a previous criminal conviction. See Utah Code 64-13-1 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 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Residence: means , for entities other than a natural person, the state where the principal place of business of a claimant, insured, or policyholder is located at the time of the insured event. See Utah Code 31A-28-203 Resident: means a person: (i)  to whom a contractual obligation is owed; and (ii)  who resides in this state on the earlier of the date a member insurer is an: (A)  impaired insurer; or (B)  insolvent insurer. See Utah Code 31A-28-105 Restitution: means the same as that term is defined in Section 77-38b-102. See Utah Code 64-13-1 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Rider: means an endorsement to: (a)  an insurance policy; or (b)  an insurance certificate. See Utah Code 31A-1-301 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 Sell: means to exchange a contract of insurance: (a)  by any means; (b)  for money or its equivalent; and (c)  on behalf of an insurance company. 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. State-issued driver license: means a driver license issued in accordance with 2, or an equivalent issued by another state. See Utah Code 64-13-1 State-issued identification card: means an identification card issued in accordance with 8, or an equivalent issued by another state. See Utah Code 64-13-1 Statute: A law passed by a legislature. Structured settlement annuity: means an annuity purchased to fund periodic payments for a plaintiff or other claimant in payment for personal injury suffered by the plaintiff or other claimant. See Utah Code 31A-28-105 Structured settlement factoring transaction: means the same as that term is defined in 26 U. See Utah Code 31A-28-105 Supplemental contract: means a written agreement entered into for the distribution of proceeds under a policy or contract for: (a)  life insurance; (b)  accident and health insurance; or (c)  annuity. See Utah Code 31A-28-105 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301 Trustee: A person or institution holding and administering property in trust. Unallocated annuity contract: means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate. See Utah Code 31A-28-105 Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101 Verdict: The decision of a petit jury or a judge. Victim Impact Statement: A written or spoken statement by the victim or his or her representative about the physical, emotional, and financial impact of a crime on the victim. The statement is given to the court before sentencing. Writing: includes :Utah Code 68-3-12.5