Terms Used In Utah Code > Title 63B > Chapter 21 - 2012 Bonding and Financing Authorizations

• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• 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
• 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
• Joint underwriting: means a voluntary arrangement established to provide insurance coverage for a risk pursuant to which two or more insurers jointly contract with the insured at a price and under policy terms agreed upon between the insurers. See Utah Code 31A-19a-102
• 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}
• 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.
• 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
• 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
• 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
• 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
• 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
• Supporting information: includes one or more of the following:
       (16)(a) data demonstrating actuarial justification for the basic rate factors, classifications, expenses, and profit factors used by the filer;
       (16)(b) the experience and judgment of the filer;
       (16)(c) the experience or data of other insurers or rate service organizations relied upon by the filer;
       (16)(d) the interpretation of any other data relied upon by the filer;
       (16)(e) descriptions of methods used in making the rates; or
       (16)(f) any other information defined by rule as supporting information that is required to be filed. See Utah Code 31A-19a-102