Utah Code > Title 31A > Chapter 5 > Part 3 – Securities of Domestic Insurance Corporations
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Terms Used In Utah Code > Title 31A > Chapter 5 > Part 3 - Securities of Domestic Insurance Corporations
- Adjudicative proceeding: means :Utah Code 68-3-12.5
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- 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.
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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.
- Appraisal: A determination of property value.
- articles of incorporation: means :
(a) the original articles; (b) a special law; (c) a charter; (d) an amendment; (e) restated articles; (f) articles of merger or consolidation; (g) a trust instrument; (h) another constitutive document for a trust or other entity that is not a corporation; and (i) an amendment to an item listed in Subsections (11)(a) through (h). 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.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- 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
- 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.
- Corporation: means an insurance corporation, except when referring to:
(i) a corporation doing business: (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 - Deficiency: is a s defined in Section 59-1-1402. See Utah Code 59-1-101
- Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- Dispense: means the delivery by a prescriber of a prescription drug or device to a patient, including the packaging, labeling, and security necessary to prepare and safeguard the drug or device for supplying to a patient. See Utah Code 58-88-201
- Dispensing practitioner: means an individual who:
(a) is currently licensed as: (i) a physician and surgeon under Chapter 67, Utah Medical Practice Act; (ii) an osteopathic physician and surgeon under Chapter 68, Utah Osteopathic Medical Practice Act; (iii) an advanced practice registered nurse under Subsection 58-31b-301(2)(d); or (iv) a physician assistant under Chapter 70a, Utah Physician Assistant Act; (b) is authorized by state law to prescribe and administer drugs in the course of professional practice; and (c) practices at a licensed dispensing practice. See Utah Code 58-88-201 - Drug: means the same as that term is defined in Section 58-17b-102. See Utah Code 58-88-201
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- 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 - 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.
- Excess surplus: means :
(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of: (A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of: (I) 2. 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 - 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.
- Health care practice: means :
(a) a health care facility as defined in Section 26B-2-201; or (b) the offices of one or more private prescribers, whether for individual or group practice. See Utah Code 58-88-201 - 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 - 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.
- Legatee: A beneficiary of a decedent
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Licensed dispensing practice: means a health care practice that is licensed as a dispensing practice under Section 58-88-202. See Utah Code 58-88-201
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Oath: includes "affirmation. See Utah Code 68-3-12.5
- Oath: A promise to tell the truth.
- 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
- 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 - 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.
- Quorum: The number of legislators that must be present to do business.
- 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 - Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- 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.
- Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
- 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.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Stock corporation: means a stock insurance corporation. See Utah Code 31A-1-301
- Subpoena: A command to a witness to appear and give testimony.
- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Writing: includes :Utah Code 68-3-12.5