Terms Used In Utah Code > Title 31A > Chapter 5 > Part 6 - Miscellaneous Provisions

• 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 Contract: A legal written agreement that becomes binding when signed. 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 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 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. 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 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 Lien: A claim against real or personal property in satisfaction of a debt. Person: means :Utah Code 68-3-12.5 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 Property: includes both real and personal property. 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 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Tax equivalent property: means property on which any tax equivalent payment is made. See Utah Code 59-3-102 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5