Utah Code 31A-22-411. Insurance policies providing variable benefits
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(1) An insurance policy that provides for payment of a benefit in a variable amount shall contain a statement of the essential features of the procedure to be followed by the insurer in determining the dollar amount of the variable benefits.
Terms Used In Utah Code 31A-22-411
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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- 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- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Group insurance policy: means a policy covering a group of persons that is issued:
(79)(a)(i) to a policyholder on behalf of the group; and(79)(a)(ii) for the benefit of a member of the group who is selected under a procedure defined in:(79)(a)(ii)(A) the policy; or(79)(a)(ii)(B) an agreement that is collateral to the policy. See Utah Code 31A-1-301- Individual: means a natural person. 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- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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- 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- 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
(2) A variable insurance policy shall contain:(2)(a) an appropriate nonforfeiture benefit in lieu of those required by either Section 31A-22-408 or 31A-22-409;(2)(b) an appropriate reinstatement provision in lieu of those required by Section 31A-22-407; and(2)(c) a grace period provision appropriate to that type of insurance policy in lieu of those required by Section 31A-22-402.(3) An individual insurance policy and a certificate issued under a group insurance policy shall conspicuously state on its first page that:(3)(a) the dollar amount may decrease or increase according to investment experience; and(3)(b) a benefit under the insurance policy is payable on a variable basis.(4) A life insurance or annuity policy with a variable benefit issued under a separate account shall, on either the application or the insurance policy, state that the insurer’s liabilities with respect to a variable benefit under the insurance policy are subject to satisfaction only out of the insurer’s variable account assets.(5)(5)(a) A variable insurance policy shall state whether it may be amended as to:(5)(a)(i) investment policy;(5)(a)(ii) voting rights; and(5)(a)(iii) conduct of the business and affairs of a separate account.(5)(b) Subject to any preemptive provision of federal law, an amendment of the type described in this Subsection (5) is subject to:(5)(b)(i) filing under Section 31A-21-201; and(5)(b)(ii) approval by a majority of the policyholders in the separate account.