Terms Used In Utah Code 31A-36-119

• Advertising: includes the following, if the requirements of Subsection (1)(a) are met:
            (1)(b)(i) a written, electronic, or printed communication;
            (1)(b)(ii) a communication by means of a recorded telephone message;
            (1)(b)(iii) a communication transmitted on radio, television, the Internet, or similar communications media; and
            (1)(b)(iv) a film strip, motion picture, or video. See Utah Code 31A-36-102
• 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
• 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
• 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
• 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.