Terms Used In Utah Code > Title 63B > Chapter 32 - 2022 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
• 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.
• Process: means a writ or summons issued in the course of a judicial proceeding. 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