Terms Used In Utah Code > Title 63B > Chapter 22 - 2013 Bonding and Financing Authorizations

• authorized insurer: means an insurer:
            (191)(b)(i) holding a valid certificate of authority to do an insurance business in this state; and
            (191)(b)(ii) transacting business as authorized by a valid certificate. See Utah Code 31A-1-301
• Contract: A legal written agreement that becomes binding when signed.
• Employee: means :
       (57)(a) an individual employed by an employer; or
       (57)(b) an individual who meets the requirements of Subsection (55)(b). 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
• 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.
• Person: includes :
       (146)(a) an individual;
       (146)(b) a partnership;
       (146)(c) a corporation;
       (146)(d) an incorporated or unincorporated association;
       (146)(e) a joint stock company;
       (146)(f) a trust;
       (146)(g) a limited liability company;
       (146)(h) a reciprocal;
       (146)(i) a syndicate; or
       (146)(j) another similar entity or combination of entities acting in concert. 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
• producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. 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
• Rate service organization: means a person who assists an insurer in rate making or filing by:
            (164)(a)(i) collecting, compiling, and furnishing loss or expense statistics;
            (164)(a)(ii) recommending, making, or filing rates or supplementary rate information; or
            (164)(a)(iii) advising about rate questions, except as an attorney giving legal advice. 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