Terms Used In Utah Code > Title 63N > Chapter 20 - Upstart

• 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 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 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 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 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 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 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 of directors: means the board of directors established under Section 31A-28-107. See Utah Code 31A-28-105 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 Cash surrender value: means the cash surrender value without reduction for an outstanding policy loan or surrender charge. See Utah Code 31A-28-105 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. 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 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 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 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. 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 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 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 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 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 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 Individual: means a natural person. See Utah Code 31A-1-301 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 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 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. License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 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 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 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 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 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: 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 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 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 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 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 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 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 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 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: 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 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 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 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5