Terms Used In Utah Code 31A-36-106

• Agency: means :
       (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
       (6)(b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
• Financing entity: includes , if the requirements of Subsection (5)(a) are met, the following:
            (5)(b)(i) an underwriter;
            (5)(b)(ii) a placement agent;
            (5)(b)(iii) an enhancer of credit;
            (5)(b)(iv) a lender;
            (5)(b)(v) a purchaser of securities; and
            (5)(b)(vi) a purchaser of a policy from a life settlement provider. See Utah Code 31A-36-102
• 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
• Life settlement: includes :
            (8)(b)(i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or
            (8)(b)(ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner:

                 (8)(b)(ii)(A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or

                 (8)(b)(ii)(B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102
• Life settlement producer: means a person licensed in the state as a life insurance producer that on behalf of an owner and for consideration offers or attempts to negotiate a life settlement between the owner and one or more life settlement providers. See Utah Code 31A-36-102
• Life settlement provider: means a person other than an owner that enters into or effectuates a life settlement. See Utah Code 31A-36-102
• Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
            (12)(a)(i) the owner of a policy; or
            (12)(a)(ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102
• 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: means :
       (13)(a) an individual or group life insurance policy;
       (13)(b) an individual or group annuity policy;
       (13)(c) a group life insurance certificate;
       (13)(d) a group annuity certificate; or
       (13)(e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah:

            (13)(e)(i) affecting the rights of a resident of Utah; or

            (13)(e)(ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102
• 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
• Related provider trust: means a trust established by a licensed life settlement provider or a financing entity solely to hold the ownership of or beneficial interests in purchased policies in connection with financing. See Utah Code 31A-36-102
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Special purpose entity: means an entity formed by a licensed life settlement provider solely to enable the life settlement provider to gain access to institutional markets for capital. See Utah Code 31A-36-102