§ 31A-36-101 Title
§ 31A-36-102 Definitions
§ 31A-36-103 Law governing
§ 31A-36-104 License requirements, revocation, and denial
§ 31A-36-105 Filing and use of forms for life settlement and disclosure
§ 31A-36-106 Reporting requirements and privacy
§ 31A-36-107 Examinations and retention of records
§ 31A-36-108 Required disclosures
§ 31A-36-109 General requirements
§ 31A-36-110 Payment and document requirements
§ 31A-36-111 Prohibited acts
§ 31A-36-112 Advertising regulations
§ 31A-36-113 Fraud
§ 31A-36-114 Reporting of fraud and immunity
§ 31A-36-115 Confidentiality
§ 31A-36-116 Other law enforcement or regulatory authority
§ 31A-36-117 Antifraud initiatives
§ 31A-36-118 Criminal penalties and restitution
§ 31A-36-119 Authority to make rules

Terms Used In Utah Code > Title 31A > Chapter 36 - Life Settlements Act

  • Advertising: includes the following, if the requirements of Subsection (1)(a) are met:
    (i) a written, electronic, or printed communication;
    (ii) a communication by means of a recorded telephone message;
    (iii) a communication transmitted on radio, television, the Internet, or similar communications media; and
    (iv) a film strip, motion picture, or video. See Utah Code 31A-36-102
  • Affected entity: means a county, municipality, special district, special service district under Title 17D, Chapter 1, Special Service District Act, school district, interlocal cooperation entity established under Title 11, Chapter 13, Interlocal Cooperation Act, specified property owner, property owner's association, public utility, or the Department of Transportation, if:
    (a) the entity's services or facilities are likely to require expansion or significant modification because of an intended use of land;
    (b) the entity has filed with the county a copy of the entity's general or long-range plan; or
    (c) the entity has filed with the county a request for notice during the same calendar year and before the county provides notice to an affected entity in compliance with a requirement imposed under this chapter. See Utah Code 17-27a-103
  • 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.
  • 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 authority: means the person, board, commission, agency, or other body designated by ordinance to decide an appeal of a decision of a land use application or a variance. See Utah Code 17-27a-103
  • 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
  • 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
  • Bequest: Property gifted by will.
  • Business of life settlements: includes the following:
    (a) offering a life settlement;
    (b) soliciting a life settlement;
    (c) negotiating a life settlement;
    (d) procuring a life settlement;
    (e) effectuating a life settlement;
    (f) purchasing a life settlement;
    (g) investing in a life settlement;
    (h) financing a life settlement;
    (i) monitoring a life settlement;
    (j) tracking a life settlement;
    (k) underwriting a life settlement;
    (l) selling a life settlement;
    (m) transferring a life settlement;
    (n) assigning a life settlement;
    (o) pledging a life settlement;
    (p) hypothecating a life settlement; or
    (q) in any other manner acquiring an interest in an insurance policy by means of a life settlement. See Utah Code 31A-36-102
  • 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
  • Charter school: means :
    (i) an operating charter school;
    (ii) a charter school applicant that a charter school authorizer approves in accordance with 3; or
    (iii) an entity that is working on behalf of a charter school or approved charter applicant to develop or construct a charter school building. See Utah Code 17-27a-103
  • Chronically ill: means :
    (a) being unable to perform at least two activities of daily living, such as eating, toileting, moving from one place to another, bathing, dressing, or continence;
    (b) requiring substantial supervision for protection from threats to health and safety because of severe cognitive impairment; or
    (c) having a level of disability similar to that described in Subsection (3)(a). See Utah Code 31A-36-102
  • Commission: means the Utah Electronic Recording Commission established in Section 17-21a-302. See Utah Code 17-21a-102
  • 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.
  • 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
  • County legislative body: means :Utah Code 68-3-12.5
  • County utility easement: means an easement that:
    (a) a plat recorded in a county recorder's office described as a county utility easement or otherwise as a utility easement;
    (b) is not a protected utility easement or a public utility easement as defined in Section 54-3-27;
    (c) the county or the county's affiliated governmental entity owns or creates; and
    (d) 
    (i) either:
    (A) no person uses or occupies; or
    (B) the county or the county's affiliated governmental entity uses and occupies to provide a utility service, including sanitary sewer, culinary water, electrical, storm water, or communications or data lines; or
    (ii) a person uses or occupies with or without an authorized franchise or other agreement with the county. See Utah Code 17-27a-103
  • 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
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Insurance Department. See Utah Code 31A-1-301
  • Depository institution: is a s defined in Section 7-1-103. See Utah Code 31A-36-102
  • Development activity: means :
    (a) any construction or expansion of a building, structure, or use that creates additional demand and need for public facilities;
    (b) any change in use of a building or structure that creates additional demand and need for public facilities; or
    (c) any change in the use of land that creates additional demand and need for public facilities. See Utah Code 17-27a-103
  • Development agreement: means a written agreement or amendment to a written agreement between a county and one or more parties that regulates or controls the use or development of a specific area of land. See Utah Code 17-27a-103
  • Devise: To gift property by will.
  • Disability: means a physical or mental impairment that substantially limits one or more of a person's major life activities, including a person having a record of such an impairment or being regarded as having such an impairment. See Utah Code 17-27a-103
  • 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
  • Document: means information that is:
    (a) inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and
    (b) eligible to be recorded in the land records maintained by the county recorder. See Utah Code 17-21a-102
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 17-21a-102
  • Electronic document: means a document that is received by the county recorder in an electronic form. See Utah Code 17-21a-102
  • Electronic signature: means an electronic sound, symbol, or process attached to or logically associated with a document and executed or adopted by a person with the intent to sign the document. See Utah Code 17-21a-102
  • 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
  • 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
  • Escrow agent: means an agency title insurance producer meeting the requirements of Sections 31A-4-107, 31A-14-211, and 31A-23a-204, who is acting through an individual title insurance producer licensed with an escrow subline of authority. 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: when used to describe the powers, duties, or functions of a person or body elected as the county executive or a person appointed as the county manager or administrative officer, refers to:
    (a) the power and duty to carry laws and ordinances into effect and secure their due observance; and
    (b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the executive branch of government. See Utah Code 17-50-101
  • 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
  • Financing entity: includes , if the requirements of Subsection (5)(a) are met, the following:
    (i) an underwriter;
    (ii) a placement agent;
    (iii) an enhancer of credit;
    (iv) a lender;
    (v) a purchaser of securities; and
    (vi) a purchaser of a policy from a life settlement provider. See Utah Code 31A-36-102
  • Flood plain: means land that:
    (a) is within the 100-year flood plain designated by the Federal Emergency Management Agency; or
    (b) has not been studied or designated by the Federal Emergency Management Agency but presents a likelihood of experiencing chronic flooding or a catastrophic flood event because the land has characteristics that are similar to those of a 100-year flood plain designated by the Federal Emergency Management Agency. See Utah Code 17-27a-103
  • Form: means , in addition to a form as defined in Section 31A-1-301:
    (a) a life settlement;
    (b) a disclosure to an owner;
    (c) a notice of intent to settle; or
    (d) a verification of coverage. See Utah Code 31A-36-102
  • Fraud: Intentional deception resulting in injury to another.
  • General plan: means a document that a county adopts that sets forth general guidelines for proposed future development of:
    (a) the unincorporated land within the county; or
    (b) for a mountainous planning district, the land within the mountainous planning district. See Utah Code 17-27a-103
  • Geologic hazard: means :
    (a) a surface fault rupture;
    (b) shallow groundwater;
    (c) liquefaction;
    (d) a landslide;
    (e) a debris flow;
    (f) unstable soil;
    (g) a rock fall; or
    (h) any other geologic condition that presents a risk:
    (i) to life;
    (ii) of substantial loss of real property; or
    (iii) of substantial damage to real property. See Utah Code 17-27a-103
  • Highway: includes :Utah Code 68-3-12.5
  • Identical plans: means building plans submitted to a county that:
    (a) are clearly marked as "identical plans";
    (b) are substantially identical building plans that were previously submitted to and reviewed and approved by the county; and
    (c) describe a building that:
    (i) is located on land zoned the same as the land on which the building described in the previously approved plans is located;
    (ii) is subject to the same geological and meteorological conditions and the same law as the building described in the previously approved plans;
    (iii) has a floor plan identical to the building plan previously submitted to and reviewed and approved by the county; and
    (iv) does not require any additional engineering or analysis. See Utah Code 17-27a-103
  • Improvement completion assurance: means a surety bond, letter of credit, financial institution bond, cash, assignment of rights, lien, or other equivalent security required by a county to guaranty the proper completion of landscaping or an infrastructure improvement required as a condition precedent to:
    (a) recording a subdivision plat; or
    (b) development of a commercial, industrial, mixed use, or multifamily project. See Utah Code 17-27a-103
  • Improvement warranty: means an applicant's unconditional warranty that the applicant's installed and accepted landscaping or infrastructure improvement:
    (a) complies with the county's written standards for design, materials, and workmanship; and
    (b) will not fail in any material respect, as a result of poor workmanship or materials, within the improvement warranty period. See Utah Code 17-27a-103
  • Individual: means a natural person. See Utah Code 31A-1-301
  • Infrastructure improvement: means permanent infrastructure that is essential for the public health and safety or that:
    (a) is required for human consumption; and
    (b) an applicant must install:
    (i) in accordance with published installation and inspection specifications for public improvements; and
    (ii) as a condition of:
    (A) recording a subdivision plat;
    (B) obtaining a building permit; or
    (C) developing a commercial, industrial, mixed use, condominium, or multifamily project. See Utah Code 17-27a-103
  • 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
  • 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
  • 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
  • Land use applicant: means a property owner, or the property owner's designee, who submits a land use application regarding the property owner's land. See Utah Code 17-27a-103
  • Land use authority: means :
    (a) a person, board, commission, agency, or body, including the local legislative body, designated by the local legislative body to act upon a land use application; or
    (b) if the local legislative body has not designated a person, board, commission, agency, or body, the local legislative body. See Utah Code 17-27a-103
  • Land use decision: means an administrative decision of a land use authority or appeal authority regarding:
    (a) a land use permit;
    (b) a land use application; or
    (c) the enforcement of a land use regulation, land use permit, or development agreement. See Utah Code 17-27a-103
  • Land use permit: means a permit issued by a land use authority. See Utah Code 17-27a-103
  • 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
  • Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
    (a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
    (b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
  • Legislative body: means the county legislative body, or for a county that has adopted an alternative form of government, the body exercising legislative powers. See Utah Code 17-27a-103
  • 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 expectancy: means the mean number of months an individual insured under a policy to be settled can be expected to live considering medical records and appropriate experiential data. See Utah Code 31A-36-102
  • 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
  • Life settlement: includes :
    (i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or
    (ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner:
    (A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or
    (B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102
  • Life settlement producer: means a person licensed in the state as a life insurance producer that on behalf of an owner and for consideration offers or attempts to negotiate a life settlement between the owner and one or more life settlement providers. See Utah Code 31A-36-102
  • Life settlement provider: means a person other than an owner that enters into or effectuates a life settlement. See Utah Code 31A-36-102
  • Life settlement purchaser: means a person that, to derive an economic benefit:
    (i) provides a sum of money as consideration for a policy or an interest in the death benefits of a policy; or
    (ii) owns, acquires, or is entitled to a beneficial interest in a trust that:
    (A) owns a life settlement; or
    (B) is the beneficiary of a policy that has been or will be the subject of a life settlement. See Utah Code 31A-36-102
  • Lot: means a tract of land, regardless of any label, that is created by and shown on a subdivision plat that has been recorded in the office of the county recorder. See Utah Code 17-27a-103
  • Lot line adjustment: means a relocation of a lot line boundary between adjoining lots or between a lot and adjoining parcels in accordance with Section 17-27a-608:
    (i) whether or not the lots are located in the same subdivision; and
    (ii) with the consent of the owners of record. See Utah Code 17-27a-103
  • Major transit investment corridor: means public transit service that uses or occupies:
    (a) public transit rail right-of-way;
    (b) dedicated road right-of-way for the use of public transit, such as bus rapid transit; or
    (c) fixed-route bus corridors subject to an interlocal agreement or contract between a municipality or county and:
    (i) a public transit district as defined in Section 17B-2a-802; or
    (ii) an eligible political subdivision as defined in Section 59-12-2219. See Utah Code 17-27a-103
  • Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
  • Moderate income housing: means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the housing is located. See Utah Code 17-27a-103
  • Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
  • Mountainous planning district: means an area designated by a county legislative body in accordance with Section 17-27a-901. See Utah Code 17-27a-103
  • 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.
  • Order: means an order of the commissioner. See Utah Code 31A-1-301
  • Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
    (i) the owner of a policy; or
    (ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102
  • Parcel: means any real property that is not a lot. See Utah Code 17-27a-103
  • Parcel boundary adjustment: means a recorded agreement between owners of adjoining parcels adjusting the mutual boundary, either by deed or by a boundary line agreement in accordance with Section 17-27a-523, if no additional parcel is created and:
    (i) none of the property identified in the agreement is a lot; or
    (ii) the adjustment is to the boundaries of a single person's parcels. See Utah Code 17-27a-103
  • 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 an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 17-27a-103
  • 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
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 17-21a-102
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plan for moderate income housing: means a written document adopted by a county legislative body that includes:
    (a) an estimate of the existing supply of moderate income housing located within the county;
    (b) an estimate of the need for moderate income housing in the county for the next five years;
    (c) a survey of total residential land use;
    (d) an evaluation of how existing land uses and zones affect opportunities for moderate income housing; and
    (e) a description of the county's program to encourage an adequate supply of moderate income housing. See Utah Code 17-27a-103
  • Planning advisory area: means a contiguous, geographically defined portion of the unincorporated area of a county established under this part with planning and zoning functions as exercised through the planning advisory area planning commission, as provided in this chapter, but with no legal or political identity separate from the county and no taxing authority. See Utah Code 17-27a-103
  • Plat: means an instrument subdividing property into lots as depicted on a map or other graphical representation of lands that a licensed professional land surveyor makes and prepares in accordance with Section 17-27a-603 or 57-8-13. See Utah Code 17-27a-103
  • Policy: means :
    (a) an individual or group life insurance policy;
    (b) an individual or group annuity policy;
    (c) a group life insurance certificate;
    (d) a group annuity certificate; or
    (e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah:
    (i) affecting the rights of a resident of Utah; or
    (ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102
  • Potential geologic hazard area: means an area that:
    (a) is designated by a Utah Geological Survey map, county geologist map, or other relevant map or report as needing further study to determine the area's potential for geologic hazard; or
    (b) has not been studied by the Utah Geological Survey or a county geologist but presents the potential of geologic hazard because the area has characteristics similar to those of a designated geologic hazard area. See Utah Code 17-27a-103
  • 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
  • Premium finance loan: is a loan made primarily for the purpose of making premium payments on a policy if the loan is secured by an interest in the policy. See Utah Code 31A-36-102
  • Proceeding: includes an action or special statutory proceeding. 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
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public agency: means :
    (a) the federal government;
    (b) the state;
    (c) a county, municipality, school district, special district, special service district, or other political subdivision of the state; or
    (d) a charter school. See Utah Code 17-27a-103
  • Public hearing: means a hearing at which members of the public are provided a reasonable opportunity to comment on the subject of the hearing. See Utah Code 17-27a-103
  • Public meeting: means a meeting that is required to be open to the public under Title 52, Chapter 4, Open and Public Meetings Act. See Utah Code 17-27a-103
  • Public street: means a public right-of-way, including a public highway, public avenue, public boulevard, public parkway, public road, public lane, public alley, public viaduct, public subway, public tunnel, public bridge, public byway, other public transportation easement, or other public way. See Utah Code 17-27a-103
  • 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.
  • Receiving zone: means an unincorporated area of a county that the county designates, by ordinance, as an area in which an owner of land may receive a transferable development right. See Utah Code 17-27a-103
  • Record of survey map: means a map of a survey of land prepared in accordance with Section 10-9a-603, 17-23-17, 17-27a-603, or 57-8-13. See Utah Code 17-27a-103
  • Related provider trust: means a trust established by a licensed life settlement provider or a financing entity solely to hold the ownership of or beneficial interests in purchased policies in connection with financing. See Utah Code 31A-36-102
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Residential facility for persons with a disability: means a residence:
    (a) in which more than one person with a disability resides; and
    (b) which is licensed or certified by the Department of Health and Human Services under:
    (i) 1; or
    (ii) 2. See Utah Code 17-27a-103
  • Residential roadway: means a public local residential road that:
    (a) will serve primarily to provide access to adjacent primarily residential areas and property;
    (b) is designed to accommodate minimal traffic volumes or vehicular traffic;
    (c) is not identified as a supplementary to a collector or other higher system classified street in an approved municipal street or transportation master plan;
    (d) has a posted speed limit of 25 miles per hour or less;
    (e) does not have higher traffic volumes resulting from connecting previously separated areas of the municipal road network;
    (f) cannot have a primary access, but can have a secondary access, and does not abut lots intended for high volume traffic or community centers, including schools, recreation centers, sports complexes, or libraries; and
    (g) primarily serves traffic within a neighborhood or limited residential area and is not necessarily continuous through several residential areas. See Utah Code 17-27a-103
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Road: includes :Utah Code 68-3-12.5
  • Rules of order and procedure: means a set of rules that govern and prescribe in a public meeting:
    (a) parliamentary order and procedure;
    (b) ethical behavior; and
    (c) civil discourse. See Utah Code 17-27a-103
  • Sanitary sewer authority: means the department, agency, or public entity with responsibility to review and approve the feasibility of sanitary sewer services or onsite wastewater systems. See Utah Code 17-27a-103
  • 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
  • Sending zone: means an unincorporated area of a county that the county designates, by ordinance, as an area from which an owner of land may transfer a transferable development right. See Utah Code 17-27a-103
  • Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
  • Settled policy: means a policy that is acquired by a life settlement provider pursuant to a life settlement. See Utah Code 31A-36-102
  • 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
  • Site plan: means a document or map that may be required by a county during a preliminary review preceding the issuance of a building permit to demonstrate that an owner's or developer's proposed development activity meets a land use requirement. See Utah Code 17-27a-103
  • Special district: includes a governmental or quasi-governmental entity that is not a county, municipality, school district, or the state. See Utah Code 17-27a-103
  • Special purpose entity: means an entity formed by a licensed life settlement provider solely to enable the life settlement provider to gain access to institutional markets for capital. See Utah Code 31A-36-102
  • Specified public agency: means :
    (a) the state;
    (b) a school district; or
    (c) a charter school. See Utah Code 17-27a-103
  • Specified public utility: means an electrical corporation, gas corporation, or telephone corporation, as those terms are defined in Section 54-2-1. See Utah Code 17-27a-103
  • 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: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 17-21a-102
  • State: includes any department, division, or agency of the state. See Utah Code 17-27a-103
  • Statute: A law passed by a legislature.
  • Stranger-originated life insurance: includes when:
    (i) a policy is purchased with resources or guarantees from or through a person who, at the time of policy origination, could not lawfully initiate the policy itself; and
    (ii) at the time of policy origination, there is an agreement, whether oral or written, to directly or indirectly transfer to a third party the ownership of a policy, policy benefits, or both. See Utah Code 31A-36-102
  • Subdivision: includes :
    (i) the division or development of land, whether by deed, metes and bounds description, devise and testacy, map, plat, or other recorded instrument, regardless of whether the division includes all or a portion of a parcel or lot; and
    (ii) except as provided in Subsection (70)(c), divisions of land for residential and nonresidential uses, including land used or to be used for commercial, agricultural, and industrial purposes. See Utah Code 17-27a-103
  • Subdivision amendment: means an amendment to a recorded subdivision in accordance with Section 17-27a-608 that:
    (i) vacates all or a portion of the subdivision;
    (ii) alters the outside boundary of the subdivision;
    (iii) changes the number of lots within the subdivision;
    (iv) alters a public right-of-way, a public easement, or public infrastructure within the subdivision; or
    (v) alters a common area or other common amenity within the subdivision. See Utah Code 17-27a-103
  • Substantial evidence: means evidence that:
    (a) is beyond a scintilla; and
    (b) a reasonable mind would accept as adequate to support a conclusion. See Utah Code 17-27a-103
  • Suspect soil: means soil that has:
    (a) a high susceptibility for volumetric change, typically clay rich, having more than a 3% swell potential;
    (b) bedrock units with high shrink or swell susceptibility; or
    (c) gypsiferous silt and clay, gypsum, or bedrock units containing abundant gypsum commonly associated with dissolution and collapse features. See Utah Code 17-27a-103
  • Terminally ill: means having a condition that reasonably may be expected to result in death within 24 months. See Utah Code 31A-36-102
  • Therapeutic school: means a residential group living facility:
    (a) for four or more individuals who are not related to:
    (i) the owner of the facility; or
    (ii) the primary service provider of the facility;
    (b) that serves students who have a history of failing to function:
    (i) at home;
    (ii) in a public school; or
    (iii) in a nonresidential private school; and
    (c) that offers:
    (i) room and board; and
    (ii) an academic education integrated with:
    (A) specialized structure and supervision; or
    (B) services or treatment related to a disability, an emotional development, a behavioral development, a familial development, or a social development. See Utah Code 17-27a-103
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transferable development right: means a right to develop and use land that originates by an ordinance that authorizes a land owner in a designated sending zone to transfer land use rights from a designated sending zone to a designated receiving zone. See Utah Code 17-27a-103
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • 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.
  • under common control: means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person. See Utah Code 31A-1-301
  • Unincorporated: means the area outside of the incorporated area of a municipality. See Utah Code 17-27a-103
  • Water interest: means any right to the beneficial use of water, including:
    (a) each of the rights listed in Section 73-1-11; and
    (b) an ownership interest in the right to the beneficial use of water represented by:
    (i) a contract; or
    (ii) a share in a water company, as defined in Section 73-3-3. See Utah Code 17-27a-103
  • Writing: includes :Utah Code 68-3-12.5
  • Zoning map: means a map, adopted as part of a land use ordinance, that depicts land use zones, overlays, or districts. See Utah Code 17-27a-103