Terms Used In Utah Code 31A-27a-302

• Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Contract: A legal written agreement that becomes binding when signed.
• Employee: means :
       (57)(a) an individual employed by an employer; or
       (57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301
• Fiduciary: A trustee, executor, or administrator.
• Filed: means that a filing is:
            (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
            (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
            (69)(a)(iii) accompanied by the appropriate fee in accordance with:

                 (69)(a)(iii)(A) Section 31A-3-103; or

                 (69)(a)(iii)(B) rule. See Utah Code 31A-1-301
• Good faith: means honesty in fact and intention, and in regard to Part 5, Asset Recovery, also requires the absence of:
       (19)(a) information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and
       (19)(b) knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. See Utah Code 31A-27a-102
• health insurance: means insurance providing:
            (84)(a)(i) a health care benefit; or
            (84)(a)(ii) payment of an incurred health care expense. 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
• insurer: means a person who:
       (23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;
       (23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
       (23)(c) is included under Section 31A-27a-104. See Utah Code 31A-27a-102
• Life insurance: means :
            (114)(a)(i) insurance on a human life; and
            (114)(a)(ii) insurance pertaining to or connected with human life. 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.
• 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 all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}