Terms Used In Utah Code > Title 65A > Chapter 6 - Mineral Leases

• 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
• Administrator: means the same as that term is defined in Subsection (182). 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 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. Assurance organization: means a person designated as an assurance organization in accordance with Section 31A-40-303. See Utah Code 31A-40-102 Captive insurance company: means : (a)  an insurer: (i)  owned by a parent organization; and (ii)  whose purpose is to insure risks of the parent organization and other risks as authorized under: (A)  Chapter 37, Captive Insurance Companies Act; and (B)  Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or (b)  in the case of a group or association, an insurer: (i)  owned by the insureds; and (ii)  whose purpose is to insure risks of: (A)  a member organization; (B)  a group member; or (C)  an affiliate of: (I)  a member organization; or (II)  a group member. See Utah Code 31A-1-301 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 Client: means a person who enters into a professional employer agreement with a professional employer organization. See Utah Code 31A-40-102 Coemployer: means : (a)  a client; or (b)  a professional employer organization. See Utah Code 31A-40-102 Coemployment relationship: means a relationship: (a)  that is intended to be ongoing rather than a temporary or project specific relationship; and (b)  wherein the rights and obligations of an employer that arise out of an employment relationship are allocated between coemployers pursuant to: (i)  a professional employer agreement; or (ii)  this chapter. See Utah Code 31A-40-102 Contract: A legal written agreement that becomes binding when signed. controlling person: means a person who, individually or acting in concert with one or more persons, owns, directly or indirectly, 10% or more of the equity interest in a professional employer organization. See Utah Code 31A-40-102 Covered employee: means an individual who has a coemployment relationship with a client and a professional employer organization if the conditions of Section 31A-40-203 are met. See Utah Code 31A-40-102 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the Insurance Department. See Utah Code 31A-1-301 Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301 Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1 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 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. Fiduciary: A trustee, executor, or administrator. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Individual: means a natural person. See Utah Code 31A-1-301 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 insurance company: means a person doing an insurance business as a principal including: (i)  a fraternal benefit society; (ii)  an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3); (iii)  a motor club; (iv)  an employee welfare plan; (v)  a person purporting or intending to do an insurance business as a principal on that person's own account; and (vi)  a health maintenance organization. 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. 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Liability insurance: includes : (i)  vehicle liability insurance; (ii)  residential dwelling liability insurance; and (iii)  making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301 License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Member: means a person having membership rights in an 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 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 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 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 Professional employer agreement: means a written contract by and between a client and a professional employer organization that provides for: (a)  the coemployment of a covered employee; (b)  with respect to a covered employee, the allocation of a right or obligation of an employer between: (i)  the client; and (ii)  the professional employer organization; and (c)  the assumption of the obligations imposed by this chapter by: (i)  the client; or (ii)  the professional employer organization. See Utah Code 31A-40-102 professional employer organization: means a person engaged in the business of providing a professional employer service. See Utah Code 31A-40-102 Professional employer organization group: means two or more professional employer organizations that are majority owned or commonly controlled or directed by the same one or more persons. See Utah Code 31A-40-102 Professional employer service: means the service of entering into a coemployment relationship under this chapter under which all or a majority of the employees who provide a service to a client, or a division or work unit of a client, are covered employees. See Utah Code 31A-40-102 Property: includes both real and personal property. See Utah Code 68-3-12.5 Qualified actuary: means an individual who: (a)  is a member in good standing of a professional actuarial accreditation organization designated by the department by rule; (b)  is qualified to sign a statement of actuarial opinion or annual statement for a professional employer organization in accordance with the qualification standards for an actuary signing an opinion or annual statement as provided by the professional actuarial accreditation organization designated under Subsection (19)(a); (c)  is familiar with the valuation requirements applicable to a professional employer organization; (d)  has not been found by the commissioner, or if so found has subsequently been reinstated as a qualified actuary, following appropriate notice and hearing to have: (i)  violated a provision of, or an obligation imposed by, statute or other law in the course of the actuary's dealings as a qualified actuary; (ii)  been found guilty of a fraudulent or dishonest practice; (iii)  demonstrated the actuary's incompetency, lack of cooperation, or untrustworthiness to act as a qualified actuary; (iv)  submitted to the commissioner during the past five years, pursuant to this rule, an actuarial opinion or memorandum that the commissioner rejected because it did not meet the provisions of rule; or (v)  resigned or been removed as an actuary within the past five years as a result of an act or omission indicated in an adverse report on examination or as a result of failure to adhere to a generally acceptable actuarial standard; and (e)  has not failed to notify the commissioner of an action taken by any commissioner of another state similar to that under Subsection (19)(d). See Utah Code 31A-40-102 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 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 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 Sovereign lands: means those lands lying below the ordinary high water mark of navigable bodies of water at the date of statehood and owned by the state by virtue of its sovereignty. See Utah Code 65A-1-1 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 lands: means all lands administered by the division. See Utah Code 65A-1-1 Statute: A law passed by a legislature. Temporary help service: means a service consisting of a person: (a)  recruiting and hiring the person's own employee; (b)  finding another person that wants the services of that employee; (c)  assigning the employee to: (i)  perform services at or for the other person to support or supplement the other person's employees; (ii)  provide assistance in a special work situation such as: (A)  an employee absence; (B)  a skill shortage; or (C)  a seasonal workload; or (iii)  perform a special assignment or project; and (d)  customarily reassigning the employee to another organization when the employee finishes an assignment. See Utah Code 31A-40-102 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Working capital: means the current assets minus the current liabilities of a professional employer organization determined in accordance with generally accepted accounting principles. See Utah Code 31A-40-102 Writing: includes :Utah Code 68-3-12.5