Utah Code 67-4a-215. Knowledge of death of insured or annuitant
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(1) As used in this section:
Terms Used In Utah Code 67-4a-215
- Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Insurance company: means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including:(18)(a) accident insurance;(18)(b) burial insurance;(18)(c) casualty insurance;(18)(d) credit life insurance;(18)(e) contract performance insurance;(18)(f) dental insurance;(18)(g) disability insurance;(18)(h) fidelity insurance;(18)(i) fire insurance;(18)(j) health insurance;(18)(k) hospitalization insurance;(18)(l) illness insurance;(18)(m) life insurance, including endowments and annuities;(18)(n) malpractice insurance;(18)(o) marine insurance;(18)(p) mortgage insurance;(18)(q) surety insurance;(18)(r) wage protection insurance; and(18)(s) worker compensation insurance. See Utah Code 67-4a-102
- Owner: includes :
(26)(b)(i) a depositor, for a deposit;(26)(b)(ii) a beneficiary, for a trust other than a deposit in trust;(26)(b)(iii) a creditor, claimant, or payee, for other property; and(26)(b)(iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102- Security: means :
(32)(a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or(32)(b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:(32)(b)(i) registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;(32)(b)(ii) payable to the order of the person;(32)(b)(iii) specifically endorsed to the person; or(32)(b)(iv) an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 67-4a-102
- Trustee: A person or institution holding and administering property in trust.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) “Death master file” means:(1)(a)(i) the United States Social Security Administration death master file; or(1)(a)(ii) another database or service that is at least as comprehensive as the United States Social Security Administration death master file for determining that an individual has reportedly died.(1)(b) “Special administrator” means the same as that term is defined in Section 75-1-201.(2) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the company is deemed to have knowledge of the death of an insured or annuitant when:(2)(a) the company receives a death certificate or court order determining that the insured or annuitant has died;(2)(b) due diligence, performed as required under Section 31A-22-1903, to maintain contact with the insured or annuitant to determine whether the insured or annuitant has died validates the death of the insured or annuitant;(2)(c) the company conducts a comparison for any purpose between a death master file and the names of some of the company’s insureds or annuitants and finds a match that provides notice that the insured or annuitant has died, and the company validates the death; or(2)(d) the company:(2)(d)(i) receives notice of the death of the insured or annuitant from a special administrator, beneficiary, policy owner, relative of the insured, or trustee or from a personal representative, executor, or other legal representative of the insured’s or annuitant’s estate; and(2)(d)(ii) validates the death of the insured or annuitant.(3) A death master file match under Subsection (2)(c) occurs if the criteria for an exact or partial match are satisfied as provided by:(3)(a) a law of this state other than this chapter, including Section 31A-22-1903; or(3)(b) a rule or policy adopted by the Insurance Department.(4) A death master file match does not constitute proof of death for the purpose of a beneficiary, annuitant, or owner of an insurance policy or annuitant contract submitting a claim to an insurance company.(5) The death master file match or validation of the insured’s or annuitant’s death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract.(6) If a provision in Section 31A-22-1903 does not establish a time for validation of a death of an insured or annuitant, the insurance company shall make a good faith effort using other available records and information, no later than 90 days after the insurance company has notice of the death, to:(6)(a) validate the death; and(6)(b) document the effort taken.(7) This section does not affect the determination of the extent to which an insurance company, before May 14, 2019:(7)(a) had knowledge of the death of an insured or annuitant; or(7)(b) was required to conduct a death master file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed or abandoned. - Owner: includes :