Terms Used In Utah Code 31A-32a-102

• account: means a trust account established at a depository institution in this state pursuant to a medical care savings account program to pay the eligible medical expenses of:
       (9)(a) an employee or account holder; and
       (9)(b) the dependents of the employee or account holder. See Utah Code 31A-32a-102
• Account holder: means the resident individual who establishes a medical care savings account or for whose benefit a medical care savings account is established. See Utah Code 31A-32a-102
• Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Deductible: means the total deductible for an employee and all the dependents of that employee for a calendar year. See Utah Code 31A-32a-102
• Employee: means the individual for whose benefit or for the benefit of whose dependents a medical care savings account is established. See Utah Code 31A-32a-102
• ERISA: means the Employee Retirement Income Security Act of 1974, Public Law 93-406, 88 Stat. See Utah Code 31A-32a-102
• Higher deductible: means a deductible of not less than $1,000. See Utah Code 31A-32a-102
• 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
• Long-term care insurance: includes :
            (121)(b)(i) any of the following that provide directly or supplement long-term care insurance:

                 (121)(b)(i)(A) a group or individual annuity or rider; or

                 (121)(b)(i)(B) a life insurance policy or rider;
            (121)(b)(ii) a policy or rider that provides for payment of benefits on the basis of:

                 (121)(b)(ii)(A) cognitive impairment; or

                 (121)(b)(ii)(B) functional capacity; or
            (121)(b)(iii) a qualified long-term care insurance contract. 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
• program: means one of the following programs:
       (10)(a) a program established by an employer in which the employer:

            (10)(a)(i) purchases a qualified higher deductible health plan for the benefit of an employee and the employee's dependents; and

            (10)(a)(ii) contributes on behalf of an employee into a medical care savings account; or
       (10)(b) a program established by an account holder in which the account holder:

            (10)(b)(i) purchases a qualified higher deductible health plan for the benefit of the account holder and the account holder's dependents; and

            (10)(b)(ii) contributes an amount to the medical care savings account. See Utah Code 31A-32a-102
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified higher deductible health plan: means a health coverage policy, certificate, or contract that:
       (11)(a) provides for payments for covered benefits that exceed the higher deductible; and
       (11)(b) is purchased by:

            (11)(b)(i) an employer for the benefit of an employee for whom the employer makes deposits into a medical care savings account; or

            (11)(b)(ii) an account holder. See Utah Code 31A-32a-102
• Security: means a:
            (176)(a)(i) note;
            (176)(a)(ii) stock;
            (176)(a)(iii) bond;
            (176)(a)(iv) debenture;
            (176)(a)(v) evidence of indebtedness;
            (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
            (176)(a)(vii) collateral-trust certificate;
            (176)(a)(viii) preorganization certificate or subscription;
            (176)(a)(ix) transferable share;
            (176)(a)(x) investment contract;
            (176)(a)(xi) voting trust certificate;
            (176)(a)(xii) certificate of deposit for a security;
            (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
            (176)(a)(xiv) commodity contract or commodity option;
            (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
            (176)(a)(xvi) another interest or instrument commonly known as a security. 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}