Terms Used In Utah Code > Title 63N > Chapter 21 - Utah Innovation Lab Act

• 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 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. 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 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 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 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. 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 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 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 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 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: 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. 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 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 Germane: On the subject of the pending bill or other business; a strict standard of relevance. 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 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 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. 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 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: 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 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 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 Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301 Property: includes both real and personal property. See Utah Code 68-3-12.5 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 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 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 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 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. 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 Utah innovation fund: means a limited liability company organized under Section 63N-21-301. See Utah Code 63N-21-101 Writing: includes :Utah Code 68-3-12.5