Terms Used In Utah Code > Title 31A > Chapter 22 > Part 2 - Liability Insurance in General

• 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.
• Asset: means property of all kinds, real and personal, tangible and intangible, and includes:
       (1)(a) cash, except reasonable compensation or salary for services rendered;
       (1)(b) stock or other investments;
       (1)(c) goodwill;
       (1)(d) real property;
       (1)(e) an ownership interest;
       (1)(f) a license;
       (1)(g) a cause of action; and
       (1)(h) any similar property. See Utah Code 63E-1-401
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorizing statute: means the statute creating an entity as an independent entity. See Utah Code 63E-1-102
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Business interest: means :
       (2)(a) holding the position of trustee, director, officer, or other similar position with a business entity; or
       (2)(b) the ownership, either legally or equitably, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity, being held by:

            (2)(b)(i) an individual;

            (2)(b)(ii) the individual's spouse;

            (2)(b)(iii) a minor child of the individual; or

            (2)(b)(iv) any combination of Subsections (2)(b)(i) through (iii). See Utah Code 63E-1-401
• Case law: The law as laid down in cases that have been decided in the decisions of the courts.
• Claims-made coverage: means an insurance contract or provision limiting coverage under a policy insuring against legal liability to claims that are first made against the insured while the policy is in force. See Utah Code 31A-1-301
• Committee: means the Retirement and Independent Entities Committee created by Section 63E-1-201. See Utah Code 63E-1-102
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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.
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• 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.
• Fraud: Intentional deception resulting in injury to another.
• government requestor: means :
  (1) the governor;
  (2) an executive branch officer other than the governor;
  (3) an executive branch agency;
  (4) a legislator, including a legislative sponsor of legislation creating an independent entity; or
  (5) a legislative committee. See Utah Code 63E-1-301
• Independent entity: means an entity having a public purpose relating to the state or its citizens that is individually created by the state or is given by the state the right to exist and conduct its affairs as an:
            (4)(a)(i) independent state agency; or
            (4)(a)(ii) independent corporation. See Utah Code 63E-1-102
• 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
• Interested party: means a person that held or holds the position of trustee, director, officer, or other similar position with an independent entity within:
       (3)(a) five years prior to the date of an action described in Subsection (5); or
       (3)(b) during the privatization of an independent entity. See Utah Code 63E-1-401
• Lobbyist: is a person that provided or provides services as a lobbyist, as defined in Section 36-11-102, within:
       (4)(a) five years prior to the date of an action described in Subsection (5); or
       (4)(b) during the privatization of an independent entity. See Utah Code 63E-1-401
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• 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
• Privatized: means an action described in Subsection (5)(b) taken under circumstances in which the operations of the independent entity are continued by a successor entity that:
            (5)(a)(i) is privately owned;
            (5)(a)(ii) is unaffiliated to the state; and
            (5)(a)(iii) receives any asset of the independent entity. See Utah Code 63E-1-401
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• 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
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.
• Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
       (42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or
       (42)(b)

            (42)(b)(i) after the day described in Subsection (42)(a); and

            (42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5