Terms Used In Utah Code > Title 63B > Chapter 19 - 2010 Financing Authorizations

• Agency: means :
       (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
       (6)(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
• 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
• Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
• Contract: A legal written agreement that becomes binding when signed.
• Dividend: means money paid to a policyholder from the remaining portion of the premium paid for a policy:
       (3)(a) based on the participating class of business; and
       (3)(b) after the insurer has made deductions for:

            (3)(b)(i) losses;

            (3)(b)(ii) expenses;

            (3)(b)(iii) additions to reserves; and

            (3)(b)(iv) profit and contingencies. See Utah Code 31A-19a-102
• Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow: means :
            (64)(a)(i) a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions:

                 (64)(a)(i)(A) the explanation, holding, or creation of a document; or

                 (64)(a)(i)(B) the receipt, deposit, and disbursement of money; or
            (64)(a)(ii) a settlement or closing involving:

                 (64)(a)(ii)(A) a mobile home;

                 (64)(a)(ii)(B) a grazing right;

                 (64)(a)(ii)(C) a water right; or

                 (64)(a)(ii)(D) other personal property authorized by the commissioner. See Utah Code 31A-1-301
• Expenses: means that portion of a rate attributable to:
       (4)(a) acquisition;
       (4)(b) field supervision;
       (4)(c) collection expenses;
       (4)(d) general expenses;
       (4)(e) taxes;
       (4)(f) licenses; and
       (4)(g) fees. See Utah Code 31A-19a-102
• Filed: means that a filing is:
            (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
            (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
            (69)(a)(iii) accompanied by the appropriate fee in accordance with:

                 (69)(a)(iii)(A) Section 31A-3-103; or

                 (69)(a)(iii)(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:
       (70)(a) a policy;
       (70)(b) a rate;
       (70)(c) a form;
       (70)(d) a document;
       (70)(e) a plan;
       (70)(f) a manual;
       (70)(g) an application;
       (70)(h) a report;
       (70)(i) a certificate;
       (70)(j) an endorsement;
       (70)(k) an actuarial certification;
       (70)(l) a licensee annual statement;
       (70)(m) a licensee renewal application;
       (70)(n) an advertisement;
       (70)(o) a binder; or
       (70)(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.
• Individual: means a natural person. See Utah Code 31A-1-301
• Insurance: includes :
            (96)(b)(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;
            (96)(b)(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
            (96)(b)(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
• Market: means the interaction between buyers and sellers consisting of a:
            (8)(a)(i) product component; and
            (8)(a)(ii) geographic component. See Utah Code 31A-19a-102
• 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
• Policy: includes a service contract issued by:
            (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
            (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
            (150)(b)(iii) a corporation licensed under:

                 (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or

                 (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
• 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:
            (156)(b)(i) an assessment;
            (156)(b)(ii) a membership fee;
            (156)(b)(iii) a required contribution; or
            (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Rate: means that cost of insurance per exposure unit either expressed as:
            (12)(a)(i) a single number; or
            (12)(a)(ii) as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of:

                 (12)(a)(ii)(A) expenses;

                 (12)(a)(ii)(B) profit; and

                 (12)(a)(ii)(C) individual insurer variation in loss experience. See Utah Code 31A-19a-102
• 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
• Supplementary rate information: includes one or more of the following needed to determine the applicable rate in effect or to be in effect:
       (15)(a) a manual or plan of rates;
       (15)(b) a statistical plan;
       (15)(c) a classification;
       (15)(d) a rating schedule;
       (15)(e) a minimum premium;
       (15)(f) a policy fee;
       (15)(g) a rating rule;
       (15)(h) a rate-related underwriting rule;
       (15)(i) a rate modification plan; or
       (15)(j) any other similar information prescribed by rule of the commissioner as supplementary rate information. See Utah Code 31A-19a-102
• Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
• Underwrite: means the authority to accept or reject risk on behalf of the insurer. See Utah Code 31A-1-301
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5