Utah Code > Title 63N > Chapter 6 – Utah Venture Capital Enhancement Act
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Terms Used In Utah Code > Title 63N > Chapter 6 - Utah Venture Capital Enhancement Act
- Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
- Aggregator site: means a website that provides access to information regarding insurance products from more than one insurer, including product and insurer information, for use in comparison shopping. See Utah Code 31A-23a-902
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Blanket travel insurance: means a travel insurance policy that:(2)(a) an insurer issues to an eligible group; and(2)(b) covers:(2)(b)(i) a specific class of persons defined in the policy; and(2)(b)(ii) all members of the eligible group without a separate charge to an individual member of the eligible group. See Utah Code 31A-23a-902
- Board: means the board of directors of the corporation. See Utah Code 63N-6-103
- Cancellation fee waiver: means a contractual agreement that:
(3)(a) is between a supplier of a travel assistance service and the supplier's customer; and(3)(b) waives a non-refundable cancellation fee provision of the supplier's underlying travel contract, with or without regard to:(3)(b)(i) the reason for the cancellation; or(3)(b)(ii) the form of reimbursement. See Utah Code 31A-23a-902- Certificate: means evidence of insurance given to:
(23)(a) an insured under a group insurance policy; or(23)(b) a third party. See Utah Code 31A-1-301- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Utah Capital Investment Corporation created under Section 63N-6-301. See Utah Code 63N-6-103
- Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following:
(67)(a) a specific physical condition;(67)(b) a specific medical procedure;(67)(c) a specific disease or disorder; or(67)(d) a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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- Form: means one of the following prepared for general use:
(74)(a)(i) a policy;(74)(a)(ii) a certificate;(74)(a)(iii) an application;(74)(a)(iv) an outline of coverage; or(74)(a)(v) an endorsement. See Utah Code 31A-1-301- Fulfillment material: means documentation that:
(5)(a) is sent to the purchaser of a travel protection plan;(5)(b) confirms the purchase of the travel protection plan; and(5)(c) provides the travel protection plan's coverage and assistance details. See Utah Code 31A-23a-902- Individual: means a natural person. See Utah Code 31A-1-301
- Inland marine insurance: includes insurance covering:
(94)(a) property in transit on or over land;(94)(b) property in transit over water by means other than boat or ship;(94)(c) bailee liability;(94)(d) fixed transportation property such as bridges, electric transmission systems, radio and television transmission towers and tunnels; and(94)(e) personal and commercial property floaters. 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- Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
(103)(a)(i) a policyholder;(103)(a)(ii) a subscriber;(103)(a)(iii) a member; and(103)(a)(iv) a beneficiary. See Utah Code 31A-1-301- Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:
(4)(a) a risk retention group as defined in:(4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102- 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.
- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- Managing general agent: means a person that:
(6)(a)(i) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;(6)(a)(ii) acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;(6)(a)(iii) produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:(6)(a)(iii)(A) with or without the authority;(6)(a)(iii)(B) separately or together with an affiliate; and(6)(a)(iii)(C) directly or indirectly; and(6)(a)(iv)(6)(a)(iv)(A) adjusts or pays claims in excess of an amount determined by the commissioner; or(6)(a)(iv)(B) negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102- 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- Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. 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
- Quorum: The number of legislators that must be present to do business.
- Rate: means :
(163)(a)(i) the cost of a given unit of insurance; or(163)(a)(ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:(163)(a)(ii)(A) a single number; or(163)(a)(ii)(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:(163)(a)(ii)(B)(I) expenses;(163)(a)(ii)(B)(II) profit; and(163)(a)(ii)(B)(III) individual insurer variation in loss experience. See Utah Code 31A-1-301- Resident: is a s defined by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-23a-102
- Restricted account: means the Utah Capital Investment Restricted Account created in Section 63N-6-204. See Utah Code 63N-6-103
- Sell: means to exchange a contract of insurance:
(12)(a) by any means;(12)(b) for money or its equivalent; and(12)(c) on behalf of an insurance company. See Utah Code 31A-23a-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
- Travel administrator: means a person who, in connection with travel insurance, directly or indirectly:
(9)(a)(i) underwrites;(9)(a)(ii) collects a charge, collateral, or a premium from a resident of this state; or(9)(a)(iii) adjusts or settles a claim on a resident of this state. See Utah Code 31A-23a-902- Travel assistance service: includes :
(10)(b)(i) a security advisory;(10)(b)(ii) destination information;(10)(b)(iii) a vaccination and immunization information service;(10)(b)(iv) a travel reservation service;(10)(b)(v) entertainment;(10)(b)(vi) activity and event planning;(10)(b)(vii) translation assistance;(10)(b)(viii) emergency messaging;(10)(b)(ix) an international legal or medical referral;(10)(b)(x) medical case monitoring;(10)(b)(xi) coordination of transportation arrangements;(10)(b)(xii) emergency cash transfer assistance;(10)(b)(xiii) medical prescription replacement assistance;(10)(b)(xiv) passport and travel document replacement assistance;(10)(b)(xv) lost luggage assistance; and(10)(b)(xvi) a concierge service. See Utah Code 31A-23a-902- Travel insurance: means insurance coverage for personal risks incident to planned travel, including:
(11)(a)(i) interruption or cancellation of a trip or event;(11)(a)(ii) loss of baggage or personal effects;(11)(a)(iii) damages to accommodations or rental vehicles;(11)(a)(iv) sickness, accident, disability, or death during travel;(11)(a)(v) emergency evacuation;(11)(a)(vi) repatriation of remains; or(11)(a)(vii) a contractual obligation that indemnifies or pays a specified amount to the traveler upon a determinable contingency related to travel. See Utah Code 31A-23a-902- Travel protection plan: means a plan that provides:
(12)(a) travel insurance;(12)(b) a travel assistance service; or(12)(c) a cancellation fee waiver. See Utah Code 31A-23a-902- Travel retailer: means a business entity that:
(13)(a) makes, arranges, or offers a travel service; and(13)(b) may offer and disseminate travel insurance as a service to the entity's customers on behalf of and under the direction of a limited lines travel insurance producer. See Utah Code 31A-23a-902- Utah fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103