Terms Used In Utah Code 31A-36-112

• Form: means , in addition to a form as defined in Section 31A-1-301:
       (6)(a) a life settlement;
       (6)(b) a disclosure to an owner;
       (6)(c) a notice of intent to settle; or
       (6)(d) a verification of coverage. See Utah Code 31A-36-102
• 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
• 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.