Terms Used In Utah Code > Title 63N > Chapter 4 - Rural Development Act

• Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
• Advisory committee: means the Rural Opportunity Advisory Committee created in Section 63N-4-804. See Utah Code 63N-4-801
• Advisory committee: means the Rural Online Working Hubs Grant Advisory Committee created in Section 63N-4-505. See Utah Code 63N-4-502
• Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
• 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.
• Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Affiliate: means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another person. See Utah Code 63N-4-302
• 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.
• 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 of governments: means an association of political subdivisions of the state, established pursuant to an interlocal agreement under Title 11, Chapter 13, Interlocal Cooperation Act. See Utah Code 63N-4-801 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 Business entity: means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. See Utah Code 63N-4-801 Business entity: means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. See Utah Code 63N-4-402 CEO board: means a County Economic Opportunity Advisory Board as described in Section 63N-4-803. See Utah Code 63N-4-801 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Claimant: means a resident or nonresident person that has state taxable income. See Utah Code 63N-4-302 Closing date: means the date on which a rural investment company collects: (a)  all of the investments described in Subsection 63N-4-303(7) related to phase one investment authority; or (b)  all of the investments described in Subsection 63N-4-303(7) related to phase two investment authority. See Utah Code 63N-4-302 Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102 Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102 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. County legislative body: means :Utah Code 68-3-12.5 Coworking and innovation center: means a facility designed to provide individuals with the infrastructure and equipment to participate in the online workforce. See Utah Code 63N-4-502 creditor: means a person having a claim against an insurer whether the claim is: (a)  matured or not matured; (b)  liquidated or unliquidated; (c)  secured or unsecured; (d)  absolute; or (e)  fixed or contingent. See Utah Code 31A-27a-102 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Delinquency proceeding: means a: (a)  proceeding instituted against an insurer for the purpose of rehabilitating or liquidating the insurer; and (b)  summary proceeding under Section 31A-27a-201. See Utah Code 31A-27a-102 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 Disability income insurance: means the same as that term is defined in Subsection (86). 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. domiciliary state: means the state in which an insurer is incorporated or organized, except that "domiciliary state" means: (a)  in the case of an alien insurer, its state of entry; or (b)  in the case of a risk retention group, the state in which the risk retention group is chartered as contemplated in the Liability Risk Retention Act, 15 U. See Utah Code 31A-27a-102 Eligible small business: means a business that at the time of an initial growth investment in the business by a rural investment company: (a)  has fewer than 150 employees; (b)  has less than $10,000,000 in net income for the preceding taxable year; (c)  maintains the business's principal business operations in the state; and (d)  is engaged in an industry related to: (i)  aerospace; (ii)  defense; (iii)  energy and natural resources; (iv)  financial services; (v)  life sciences; (vi)  outdoor products; (vii)  software development; (viii)  information technology; (ix)  manufacturing; or (x)  agribusiness. See Utah Code 63N-4-302 Entity: means a county, city, nonprofit organization, or institution of higher education. See Utah Code 63N-4-502 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. Excess return: means the difference between: (i)  the present value of all growth investments made by a rural investment company on the day the rural investment company applies to exit the program under Section 63N-4-309, including the present value of all distributions and gains from the growth investments; and (ii)  the sum of the amount of the original growth investment and an amount equal to any projected increase in the equity holder's federal or state tax liability, including penalties and interest, related to the equity holder's ownership, management, or operation of the rural investment company. See Utah Code 63N-4-302 Executive director: means the executive director of the office. See Utah Code 63N-1a-102 Federally licensed rural business investment company: means a person licensed as a rural business investment company under 7 U. See Utah Code 63N-4-302 Federally licensed small business investment company: means a person licensed as a small business investment company under 15 U. See Utah Code 63N-4-302 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 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Full-time employee: means an employment position that is filled by an employee who works at least 30 hours per week and: (a)  may include an employment position filled by more than one employee, if each employee who works less than 30 hours per week is provided benefits comparable to a full-time employee; and (b)  may not include an employment position that is shifted from one jurisdiction in the state to another jurisdiction in the state. See Utah Code 63N-1a-102 Full-time employee: means an employee that throughout the year works at least 30 hours per week or meets the customary practices accepted by that industry as full time. See Utah Code 63N-4-302 Fund: means the Rural Opportunity Fund created in Section 63N-4-805. See Utah Code 63N-4-801 GO Utah board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102 GO Utah office: means the Governor's Office of Economic Opportunity. See Utah Code 63N-1a-102 Good faith: means honesty in fact and intention, and in regard to 5, also requires the absence of: (a)  information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and (b)  knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. See Utah Code 31A-27a-102 Grant: means a grant awarded as part of the Rural Coworking and Innovation Center Grant Program created in Section 63N-4-503. See Utah Code 63N-4-502 Grant: means a grant awarded as part of the Rural Employment Expansion Grant Program created in Section 63N-4-403. See Utah Code 63N-4-402 Grant program: means the Rural Coworking and Innovation Center Grant Program created in Section 63N-4-503. See Utah Code 63N-4-502 Grant program: means the Rural Employment Expansion Grant Program created in Section 63N-4-403. See Utah Code 63N-4-402 Growth investment: means any capital or equity investment in an eligible small business or any loan made from the investment authority to an eligible small business with a stated maturity at least one year after the date of issuance. See Utah Code 63N-4-302 Guaranty association: means : (a)  a mechanism mandated by Chapter 28, Guaranty Associations; or (b)  a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-102 High wage: means a wage that is at least 100% of the county average wage. See Utah Code 63N-4-302 Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301 insolvent: means that an insurer: (a)  is unable to pay its obligations when they are due; (b)  does not have admitted assets at least equal to all of its liabilities; or (c)  has a total adjusted capital that is less than its mandatory control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102 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 insurer: means a person who: (a)  is doing, has done, purports to do, or is licensed to do the business of insurance; (b)  is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or (c)  is included under Section 31A-27a-104. See Utah Code 31A-27a-102 Investment authority: means the minimum amount of investment a rural investment company must make in eligible small businesses in order for credit-eligible contributions to the rural investment company to qualify for a rural job creation tax credit under Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Liabilities: is a s defined by and is measured in accordance with the National Association of Insurance Commissioner's Statements of Statutory Accounting Principles, as incorporated in this state by rules made by the department in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for the purposes of Subsection 31A-4-113(1)(b)(ii). See Utah Code 31A-27a-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 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 Mining company: means an entity whose primary business is the exploration for or extraction of minerals from the earth. See Utah Code 63N-4-402 Mining services company: means an entity whose primary business is providing support services for a mining company, including drilling or geological modeling. See Utah Code 63N-4-402 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 New annual jobs: means the difference between: (i)  (A)  the monthly average of full-time employees that are paid a high wage at an eligible small business for the preceding calendar year; or (B)  if the preceding calendar year contains the initial growth investment, the monthly average of full-time employees that are paid a high wage at an eligible small business for the months including and after the initial growth investment and before the end of the preceding calendar year; and (ii)  the number of full-time employees that are paid a high wage at the eligible small business on the date of the initial growth investment. See Utah Code 63N-4-302 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 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 :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 Phase one investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(i). See Utah Code 63N-4-302 Phase two investment authority: means investment authority the office grants a rural investment company based on an application submitted under Subsection 63N-4-303(1)(b)(ii). See Utah Code 63N-4-302 Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. 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 Principal business operations: means the location where at least 60% of a business's employees work or where employees that are paid at least 60% of a business's payroll work. See Utah Code 63N-4-302 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 program: means the Rural Opportunity Program created in Section 63N-4-802. See Utah Code 63N-4-801 program: means the Rural Development Program created in Section 63N-4-102. See Utah Code 63N-4-101 Program: means the provisions of this part applicable to a rural investment company. See Utah Code 63N-4-302 Property: includes both real and personal property. See Utah Code 68-3-12.5 Qualified project: means a project to build or improve one or more qualified assets for a rural community, including: (a)  telecom and high-speed Internet infrastructure; (b)  power and energy infrastructure; (c)  water and sewerage infrastructure; (d)  healthcare infrastructure; or (e)  other infrastructure as defined by rule made by the office in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 63N-4-801 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 the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102 receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102 receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102 Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Rural community: means a rural county or rural municipality. See Utah Code 63N-4-801 Rural county: means a county of the third, fourth, fifth, or sixth class. See Utah Code 63N-4-801 Rural county: means : (a)  with respect to phase one investment authority, any county in this state except Salt Lake, Utah, Davis, Weber, Washington, Cache, Tooele, and Summit counties; or (b)  with respect to phase two investment authority, any county in this state except Salt Lake, Utah, Davis, and Weber counties. See Utah Code 63N-4-302 Rural county: means a county of the third, fourth, fifth, or sixth class. See Utah Code 63N-4-402 Rural investment company: means a person approved by the office under Section 63N-4-303. See Utah Code 63N-4-302 Rural municipality: means a city, town, or metro township located within the boundaries of: (a)  a county of the third, fourth, fifth, or sixth class; or (b)  a county of the second class, if the municipality has a population of 10,000 or less. See Utah Code 63N-4-801 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 State reimbursement amount: means the difference between: (i)  50% of the rural investment company's credit-eligible capital contributions; and (ii)  the product of: (A)  the total sum of new annual jobs reported to the office; and (B)  $20,000 with respect to phase one investment authority, or $15,000 with respect to phase two investment authority. See Utah Code 63N-4-302 Tax credit: means a rural job creation tax credit created by Section 59-7-621 or 59-10-1038. See Utah Code 63N-4-302 Tax credit certificate: means a certificate issued by the office that: (a)  lists the name of the person to which the office authorizes a tax credit; (b)  lists the person's taxpayer identification number; (c)  lists the amount of tax credit that the office authorizes the person to claim for the taxable year; and (d)  may include other information as determined by the office. See Utah Code 63N-4-302 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 Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether: (i)  directly or indirectly; (ii)  absolutely or conditionally; (iii)  voluntarily or involuntarily; or (iv)  by or without judicial proceedings. See Utah Code 31A-27a-102 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