§ 11-17-1 Short title
§ 11-17-1.5 Purpose of chapter
§ 11-17-2 Definitions
§ 11-17-3 Powers of municipalities, counties, and state universities
§ 11-17-3.5 Utah Inland Port Authority and Military Installation Development Authority governed by chapter
§ 11-17-4 Bonds — Limitations — Form and provisions — Sale — Negotiability
§ 11-17-4.6 Bonds — Terms specified by governing body
§ 11-17-5 Security for bonds — Provisions in security agreements — Limitations — Liens
§ 11-17-6 Refunding bonds
§ 11-17-7 Disposition of proceeds of bonds
§ 11-17-8 Items included in cost of project
§ 11-17-9 Commingling of bond proceeds or revenues with other funds prohibited
§ 11-17-10 Tax exemption for property and bonds — Exception
§ 11-17-11 Construction of act
§ 11-17-12 Bonds — Eligibility as investments and for use as security
§ 11-17-13 Pledge and undertaking for the state
§ 11-17-14 Uniform Commercial Code not applicable
§ 11-17-15 Public bidding laws and rules not applicable
§ 11-17-16 Publication of resolutions and notice of bonds to be issued
§ 11-17-16.1 Agreements authorized by resolution
§ 11-17-17 State universities granted same powers as municipalities and counties — Authority to issue bonds
§ 11-17-18 Powers of Governor’s Office of Economic Opportunity
§ 11-17-20 Power of the Utah Charter School Finance Authority
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Terms Used In Utah Code > Title 11 > Chapter 17 - Utah Industrial Facilities and Development Act

  • Accident and health insurance: means insurance to provide protection against economic losses resulting from:
              (1)(a)(i) a medical condition including:
                   (1)(a)(i)(A) a medical care expense; or
                   (1)(a)(i)(B) the risk of disability;
              (1)(a)(ii) accident; or
              (1)(a)(iii) sickness. See Utah Code 31A-1-301
  • accident and health insurance: means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Utah Code 31A-17-501
  • Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
  • Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • Adult: means an individual who is 18 years old or older. See Utah Code 31A-1-301
  • Affordable housing: means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income of the applicable municipal or county statistical area for households of the same size. See Utah Code 10-2a-501
  • Agency: means :
         (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
         (6)(b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
  • Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amendment: means an endorsement to an insurance policy or certificate. See Utah Code 31A-1-301
  • 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.
  • Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • 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
  • Appointed actuary: means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in Subsection 31A-17-503(2). See Utah Code 31A-17-501
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • articles of incorporation: means :
         (11)(a) the original articles;
         (11)(b) a special law;
         (11)(c) a charter;
         (11)(d) an amendment;
         (11)(e) restated articles;
         (11)(f) articles of merger or consolidation;
         (11)(g) a trust instrument;
         (11)(h) another constitutive document for a trust or other entity that is not a corporation; and
         (11)(i) an amendment to an item listed in Subsections (11)(a) through (h). 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.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • authorized insurer: means an insurer:
              (191)(b)(i) holding a valid certificate of authority to do an insurance business in this state; and
              (191)(b)(ii) transacting business as authorized by a valid certificate. See Utah Code 31A-1-301
  • 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
  • board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
  • Bona fide office: means a physical office in this state:
         (16)(a) that is open to the public;
         (16)(b) that is staffed during regular business hours on regular business days; and
         (16)(c) at which the public may appear in person to obtain services. See Utah Code 31A-1-301
  • Bonds: means bonds, notes, or other evidences of indebtedness. See Utah Code 11-17-2
  • business of insurance: includes :
         (98)(a) providing health care insurance by an organization that is or is required to be licensed under this title;
         (98)(b) providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either:
              (98)(b)(i) by a single employer or by multiple employer groups; or
              (98)(b)(ii) through one or more trusts, associations, or other entities;
         (98)(c) providing an annuity:
              (98)(c)(i) including an annuity issued in return for a gift; and
              (98)(c)(ii) except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3);
         (98)(d) providing the characteristic services of a motor club;
         (98)(e) providing another person with insurance;
         (98)(f) making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance;
         (98)(g) transacting or proposing to transact any phase of title insurance, including:
              (98)(g)(i) solicitation;
              (98)(g)(ii) negotiation preliminary to execution;
              (98)(g)(iii) execution of a contract of title insurance;
              (98)(g)(iv) insuring; and
              (98)(g)(v) transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance;
         (98)(h) transacting or proposing a life settlement; and
         (98)(i) doing, or proposing to do, any business in substance equivalent to Subsections (98)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301
  • Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under:
         (19)(a) Section 31A-8-205; or
         (19)(b) Subsection 31A-9-205(2). See Utah Code 31A-1-301
  • Casualty insurance: means liability insurance. 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
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • City: means a municipality that is classified by population as a city of the first class, a city of the second class, a city of the third class, a city of the fourth class, or a city of the fifth class, under Section 10-2-301. See Utah Code 10-1-104
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Clean energy system: means a product, system, device, or interacting group of devices that is permanently affixed to real property and that produces energy from clean resources, including:
         (2)(a) a photovoltaic system;
         (2)(b) a solar thermal system;
         (2)(c) a wind system;
         (2)(d) a geothermal system, including:
              (2)(d)(i) a direct-use system; or
              (2)(d)(ii) a ground source heat pump system;
         (2)(e) a micro-hydro system;
         (2)(f) nuclear fuel;
         (2)(g) carbon capture utilization and sequestration; or
         (2)(h) another clean energy system approved by the governing body. See Utah Code 11-17-2
  • commissioner: means the insurance commissioner of Utah or the commissioner, director, or superintendent of insurance in another state. See Utah Code 31A-15-202
  • commissioner of insurance: means Utah's insurance commissioner. See Utah Code 31A-1-301
  • Community council area: means the cumulative areas within the geographic boundary of a community council that is formally recognized by a county of the first class pursuant to county ordinance. See Utah Code 10-2a-102
  • Company: means an entity that:
              (2)(c)(i) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in this state and has at least one such policy in force or on claim; or
              (2)(c)(ii) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Utah Code 31A-17-501
  • Completed operations liability: includes liability for an activity that is completed or abandoned before the date of the occurrence giving rise to the liability. See Utah Code 31A-15-202
  • consultant: means a person who:
         (99)(a) advises another person about insurance needs and coverages;
         (99)(b) is compensated by the person advised on a basis not directly related to the insurance placed; and
         (99)(c) except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301
  • Contiguous: means the same as that term is defined in Section 10-2a-102. See Utah Code 10-2a-501
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means an insurance corporation, except when referring to:
              (34)(a)(i) a corporation doing business:
                   (34)(a)(i)(A) as:
                        (34)(a)(i)(A)(I) an insurance producer;
                        (34)(a)(i)(A)(II) a surplus lines producer;
                        (34)(a)(i)(A)(III) a limited line producer;
                        (34)(a)(i)(A)(IV) a consultant;
                        (34)(a)(i)(A)(V) a managing general agent;
                        (34)(a)(i)(A)(VI) a reinsurance intermediary;
                        (34)(a)(i)(A)(VII) a third party administrator; or
                        (34)(a)(i)(A)(VIII) an adjuster; and
                   (34)(a)(i)(B) under:
                        (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;
                        (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or
                        (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
              (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
  • County legislative body: means :
         (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
         (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
         (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
  • Creditor: means a person, including an insured, having a claim, whether:
         (39)(a) matured;
         (39)(b) unmatured;
         (39)(c) liquidated;
         (39)(d) unliquidated;
         (39)(e) secured;
         (39)(f) unsecured;
         (39)(g) absolute;
         (39)(h) fixed; or
         (39)(i) contingent. See Utah Code 31A-1-301
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Insurance Department. See Utah Code 31A-1-301
  • Deposit-type contract: means a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual. See Utah Code 31A-17-501
  • Devise: To gift property by will.
  • Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
  • Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
         (51)(a) perform the duties of:
              (51)(a)(i) that individual's occupation; or
              (51)(a)(ii) an occupation for which the individual is reasonably suited by education, training, or experience; or
         (51)(b) perform two or more of the following basic activities of daily living:
              (51)(b)(i) eating;
              (51)(b)(ii) toileting;
              (51)(b)(iii) transferring;
              (51)(b)(iv) bathing; or
              (51)(b)(v) dressing. See Utah Code 31A-1-301
  • Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
  • Domiciliary state: means the state in which an insurer:
         (54)(a) is incorporated;
         (54)(b) is organized; or
         (54)(c) in the case of an alien insurer, enters into the United States. See Utah Code 31A-1-301
  • 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
  • Energy efficiency upgrade: means an improvement that is permanently affixed to real property and that is designed to reduce energy consumption, including:
         (3)(a) insulation in:
              (3)(a)(i) a wall, ceiling, roof, floor, or foundation; or
              (3)(a)(ii) a heating or cooling distribution system;
         (3)(b) an insulated window or door, including:
              (3)(b)(i) a storm window or door;
              (3)(b)(ii) a multiglazed window or door;
              (3)(b)(iii) a heat-absorbing window or door;
              (3)(b)(iv) a heat-reflective glazed and coated window or door;
              (3)(b)(v) additional window or door glazing;
              (3)(b)(vi) a window or door with reduced glass area; or
              (3)(b)(vii) other window or door modifications that reduce energy loss;
         (3)(c) an automatic energy control system;
         (3)(d) in a building or a central plant, a heating, ventilation, or air conditioning and distribution system;
         (3)(e) caulking or weatherstripping;
         (3)(f) a light fixture that does not increase the overall illumination of a building unless an increase is necessary to conform with the applicable building code;
         (3)(g) an energy recovery system;
         (3)(h) a daylighting system;
         (3)(i) measures to reduce the consumption of water, through conservation or more efficient use of water, including:
              (3)(i)(i) installation of a low-flow toilet or showerhead;
              (3)(i)(ii) installation of a timer or timing system for a hot water heater; or
              (3)(i)(iii) installation of a rain catchment system; or
         (3)(j) any other modified, installed, or remodeled fixture that is approved as a utility cost-savings measure by the governing body. See Utah Code 11-17-2
  • Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Excess surplus: means :
              (186)(c)(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of:
                   (186)(c)(i)(A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of:
                        (186)(c)(i)(A)(I) 2. See Utah Code 31A-1-301
  • Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following:
         (67)(a) a specific physical condition;
         (67)(b) a specific medical procedure;
         (67)(c) a specific disease or disorder; or
         (67)(d) a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301
  • Feasibility consultant: means a person or firm:
         (5)(a) with expertise in the processes and economics of local government; and
         (5)(b) who is independent of, and not affiliated with, a county or a sponsor of a petition to incorporate a preliminary municipality under this part. See Utah Code 10-2a-501
  • Feasibility request: means a request, described in Section 10-2a-202, for a feasibility study for the proposed incorporation of a municipality. See Utah Code 10-2a-102
  • Feasibility request: means a request, described in Section 10-2a-502, for a feasibility study for the proposed incorporation of a preliminary municipality. See Utah Code 10-2a-501
  • feasibility study: means an analysis that presents the expected activities and results of a risk retention group, including at a minimum:
         (8)(a) information sufficient to verify that its members are engaged in businesses or activities similar or related with respect to the liability to which the members are exposed by virtue of any related, similar or common business, trade, product, services, premises or operations;
         (8)(b) for each state in which it intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer;
         (8)(c) historical and expected loss experience of the proposed members and national experience of similar exposures to the extent that this experience is reasonably available;
         (8)(d) pro forma financial statements and projections;
         (8)(e) appropriate opinions by a qualified, independent casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition;
         (8)(f) identification of management, underwriting and claims procedures, marketing methods, managerial oversight methods, investment policies, and reinsurance agreements;
         (8)(g) identification of each state in which the risk retention group has obtained, or sought to obtain, a charter and license, and a description of its status in each such state; and
         (8)(h) any other matters required by the commissioner of the state in which the risk retention group is chartered for liability insurance companies authorized by the insurance laws of that state. See Utah Code 31A-15-202
  • Female: means the characteristic of an individual whose biological reproductive system is of the general type that functions in a way that could produce ova. See Utah Code 68-3-12.5
  • 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
  • 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
  • financing: includes the issuing of bonds by a municipality, county, or state university for the purpose of using a portion, or all or substantially all of the proceeds to pay for or to reimburse the user, lender, or the user or lender's designee for the costs of the acquisition of facilities of a project, or to create funds for the project itself where appropriate, whether these costs are incurred by the municipality, the county, the state university, the user, or a designee of the user. See Utah Code 11-17-2
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
  • Form: means one of the following prepared for general use:
              (74)(a)(i) a policy;
              (74)(a)(ii) a certificate;
              (74)(a)(iii) an application;
              (74)(a)(iv) an outline of coverage; or
              (74)(a)(v) an endorsement. See Utah Code 31A-1-301
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: means :
         (5)(a) for a county, city, or town, the legislative body of the county, city, or town;
         (5)(b) for the Utah Inland Port Authority created in Section 11-58-201, the board, as defined in Section 11-58-102;
         (5)(c) for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
         (5)(d) for a state university except as provided in Subsection (5)(e), the board or body having the control and supervision of the state university; and
         (5)(e) for a nonprofit corporation or foundation created by and operating under the auspices of a state university, the board of directors or board of trustees of that corporation or foundation. See Utah Code 11-17-2
  • Grantor: The person who establishes a trust and places property into it.
  • Hazardous financial condition: means that a risk retention group, based on its present or reasonably anticipated financial condition, although not yet financially impaired or insolvent, is unlikely to be able:
         (4)(a) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or
         (4)(b) to pay other obligations in the normal course of business. See Utah Code 31A-15-202
  • 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
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Individual: means a natural person. See Utah Code 31A-1-301
  • Industrial park: includes the development of the land for an industrial park under this chapter or the acquisition and provision of water, sewerage, drainage, street, road, sidewalk, curb, gutter, street lighting, electrical distribution, railroad, or docking facilities, or any combination of them, but only to the extent that these facilities are incidental to the use of the land as an industrial park. See Utah Code 11-17-2
  • Initial landowners: means the persons who owned the land within the proposed preliminary municipality area when the person filed the feasibility request under Section 20A-1-501. See Utah Code 10-2a-501
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insolvent: means that:
         (95)(a) an insurer is unable to pay the insurer's obligations as the obligations are due;
         (95)(b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or
         (95)(c) an insurer's admitted assets are less than the insurer's liabilities. 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
  • Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Utah Code 31A-15-202
  • insurance company: means a person doing an insurance business as a principal including:
              (104)(a)(i) a fraternal benefit society;
              (104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3);
              (104)(a)(iii) a motor club;
              (104)(a)(iv) an employee welfare plan;
              (104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and
              (104)(a)(vi) a health maintenance organization. See Utah Code 31A-1-301
  • Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
              (103)(a)(i) a policyholder;
              (103)(a)(ii) a subscriber;
              (103)(a)(iii) a member; and
              (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Land: includes :
         (18)(a) land;
         (18)(b) a tenement;
         (18)(c) a hereditament;
         (18)(d) a water right;
         (18)(e) a possessory right; and
         (18)(f) a claim. See Utah Code 68-3-12.5
  • Laws of a fraternal: include its articles of incorporation and bylaws, however designated. See Utah Code 31A-9-101
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lender: means a trust company, savings bank, savings and loan association, bank, credit union, or any other lending institution that lends, loans, or leases proceeds of a financing to the user or a user's designee. See Utah Code 11-17-2
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to other persons resulting from or arising out of:
              (6)(a)(i) any business, whether profit or nonprofit, trade, product, services, including professional services, premises, or operations; or
              (6)(a)(ii) any activity of any state or local government or any agency or political subdivision of any state or local government. See Utah Code 31A-15-202
  • Liability insurance: includes :
              (112)(b)(i) vehicle liability insurance;
              (112)(b)(ii) residential dwelling liability insurance; and
              (112)(b)(iii) making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301
  • License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • life insurance: means a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Utah Code 31A-17-501
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Lodge system: means one in which:
              (1)(c)(i) there is a supreme governing body;
              (1)(c)(ii) subordinate to the supreme governing body are local lodges, however designated, into which natural persons are admitted as members in accordance with the laws of the fraternal;
              (1)(c)(iii) the local lodges are required by the laws of the fraternal to hold regular meetings at least monthly; and
              (1)(c)(iv) the local lodges regularly engage in programs involving member participation to implement the purposes of Subsection (1)(a)(ii). See Utah Code 31A-9-101
  • 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
  • Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
  • Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: means a mortgage, trust deed, or other security device. See Utah Code 11-17-2
  • Municipal: means of or relating to a municipality. See Utah Code 10-1-104
  • Municipal service: means the same as that term is defined in Section 10-2a-102. See Utah Code 10-2a-501
  • Municipality: means any incorporated city or town in the state, including cities or towns operating under home rule charters. See Utah Code 11-17-2
  • Municipality: means :
         (5)(a) a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;
         (5)(b) a town, as classified in Section 10-2-301; or
         (5)(c) a preliminary municipality incorporated under Chapter 2a, Part 5, Incorporation of a Preliminary Municipality. See Utah Code 10-1-104
  • Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
  • NAIC: means the National Association of Insurance Commissioners. See Utah Code 31A-1-301
  • nonadmitted insurer: means an insurer:
              (191)(a)(i) not holding a valid certificate of authority to do an insurance business in this state; or
              (191)(a)(ii) transacting business not authorized by a valid certificate. 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.
  • Order: means an order of the commissioner. See Utah Code 31A-1-301
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Participating: means a plan of insurance under which the insured is entitled to receive a dividend representing a share of the surplus of the insurer. See Utah Code 31A-1-301
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Pending annexation area: means an area proposed for annexation in an annexation petition described in Section 10-2-403 that is filed before, and is still pending when, a person files the applicable request for a feasibility study under Section 10-2a-502. See Utah Code 10-2a-501
  • Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 10-1-104
  • 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
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in Subsection (6). See Utah Code 31A-15-202
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • 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
  • Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
  • Pollution: means any form of environmental pollution including water pollution, air pollution, pollution caused by solid waste disposal, thermal pollution, radiation contamination, or noise pollution. See Utah Code 11-17-2
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Premium: includes , however designated:
              (156)(b)(i) an assessment;
              (156)(b)(ii) a membership fee;
              (156)(b)(iii) a required contribution; or
              (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
  • Primary sponsor contact: means :
         (10)(a) in relation to a feasibility request:
              (10)(a)(i) the individual designated as the primary sponsor contact for a feasibility request under Subsection 10-2a-502(5)(c); or
              (10)(a)(ii) an individual designated, in writing, by the initial landowners if a replacement primary sponsor contact is needed; or
         (10)(b) in relation to a petition for incorporation of a preliminary municipality:
              (10)(b)(i) the individual designated as the primary sponsor contact for a petition for incorporation of a preliminary municipality under Subsection 10-2a-507(1)(d); or
              (10)(b)(ii) an individual designated, in writing, by the initial landowners if a replacement primary sponsor contact is needed. See Utah Code 10-2a-501
  • Proceeding: includes an action or special statutory proceeding. 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
  • Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product. See Utah Code 31A-15-202
  • Project: means :
              (11)(a)(i) an industrial park, land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, whether or not in existence or under construction:
                   (11)(a)(i)(A) that is suitable for industrial, manufacturing, warehousing, research, business, and professional office building facilities, commercial, shopping services, food, lodging, low income rental housing, recreational, or any other business purposes;
                   (11)(a)(i)(B) that is suitable to provide services to the general public;
                   (11)(a)(i)(C) that is suitable for use by any corporation, person, or entity engaged in health care services, including hospitals, nursing homes, extended care facilities, facilities for the care of persons with a physical or mental disability, and administrative and support facilities; or
                   (11)(a)(i)(D) that is suitable for use by a state university for the purpose of aiding in the accomplishment of its authorized academic, scientific, engineering, technical, and economic development functions;
              (11)(a)(ii) any land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, used by any individual, partnership, firm, company, corporation, public utility, association, trust, estate, political subdivision, state agency, or any other legal entity, or its legal representative, agent, or assigns, for the reduction, abatement, or prevention of pollution, including the removal or treatment of any substance in process material, if that material would cause pollution if used without the removal or treatment;
              (11)(a)(iii) an energy efficiency upgrade;
              (11)(a)(iv) a clean energy system;
              (11)(a)(v) facilities, machinery, or equipment, the manufacturing and financing of which will maintain or enlarge domestic or foreign markets for Utah industrial products; or
              (11)(a)(vi) any economic development or new venture investment fund to be raised other than from:
                   (11)(a)(vi)(A) municipal or county general fund money;
                   (11)(a)(vi)(B) money raised under the taxing power of any county or municipality; or
                   (11)(a)(vi)(C) money raised against the general credit of any county or municipality. See Utah Code 11-17-2
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Proposed preliminary municipality area: means the area proposed for incorporation as a preliminary municipality in a feasibility request. See Utah Code 10-2a-501
  • Purchasing group: means any group that:
         (10)(a) has as one of its purposes the purchase of liability insurance on a group basis;
         (10)(b) purchases liability insurance only for its group members and only to cover their similar or related liability exposure, as described in Subsection (10)(c);
         (10)(c) is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, products, services, premises, or operations; and
         (10)(d) is domiciled in any state. See Utah Code 31A-15-202
  • Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing the statements and who meets the requirements specified in the valuation manual. See Utah Code 31A-17-501
  • Quorum: The number of legislators that must be present to do business.
  • Rate: means :
              (163)(a)(i) the cost of a given unit of insurance; or
              (163)(a)(ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:
                   (163)(a)(ii)(A) a single number; or
                   (163)(a)(ii)(B) a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:
                        (163)(a)(ii)(B)(I) expenses;
                        (163)(a)(ii)(B)(II) profit; and
                        (163)(a)(ii)(B)(III) individual insurer variation in loss experience. See Utah Code 31A-1-301
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: includes :
         (31)(a) land;
         (31)(b) a tenement;
         (31)(c) a hereditament;
         (31)(d) a water right;
         (31)(e) a possessory right; and
         (31)(f) a claim. See Utah Code 68-3-12.5
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
  • Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Risk retention group: means any corporation or other limited liability association:
         (11)(a) whose primary activity consists of assuming and spreading all, or any portion of, the liability exposure of its group members;
         (11)(b) which is organized for the primary purpose of conducting the activity described under Subsection (11)(a);
         (11)(c) that:
              (11)(c)(i) is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or
              (11)(c)(ii)
                   (11)(c)(ii)(A) before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before January 1, 1985, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of that state;
                   (11)(c)(ii)(B) except that any group as described in Subsection (11)(c)(ii)(A) shall be considered to be a risk retention group only if it has been engaged in business continuously since January 1, 1985, and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability, as these terms were defined in the Product Liability Risk Retention Act of 1981 before the date of the enactment of the Liability Risk Retention Act of 1986;
         (11)(d) that does not exclude any person from membership in the group solely to provide for members of the group a competitive advantage over the excluded person;
         (11)(e) that:
              (11)(e)(i) has as its owners only persons who comprise the membership of the risk retention group and who are provided insurance by the group; or
              (11)(e)(ii) has as its sole owner an organization that has as:
                   (11)(e)(ii)(A) its members only persons who comprise the membership of the risk retention group; and
                   (11)(e)(ii)(B) its owners only persons who comprise the membership of the risk retention group and who are provided insurance by the group;
         (11)(f) whose members are engaged in businesses or activities similar or related with respect to the liability to which the members are exposed by virtue of any related, similar, or common business trade, products, services, premises or operations;
         (11)(g) whose activities do not include providing insurance other than:
              (11)(g)(i) liability insurance for assuming and spreading all or any portion of the liability of its group members; and
              (11)(g)(ii) reinsurance with respect to the liability of any other risk retention group, or any members of the other group, which is engaged in businesses or activities so that the group or member meets the requirement described in Subsection (11)(f) for membership in the risk retention group which provides the reinsurance; and
         (11)(h) the name of which includes the phrase "risk retention group. See Utah Code 31A-15-202
  • Road: includes :
         (33)(a) a public bridge;
         (33)(b) a county way;
         (33)(c) a county road;
         (33)(d) a common road; and
         (33)(e) a state road. See Utah Code 68-3-12.5
  • 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
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
  • State: means :
         (12)(a) a state of the United States; or
         (12)(b) the District of Columbia. See Utah Code 31A-15-202
  • State university: means an institution of higher education as described in Section 53B-2-101 and includes any nonprofit corporation or foundation created by and operating under their authority. See Utah Code 11-17-2
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
  • System infrastructure: means , as shown on the map or plat described in Subsection 10-2a-502(5)(e) for the proposed preliminary municipal area:
         (13)(a) the main thoroughfares within the proposed preliminary municipal area, including the roads that connect the proposed preliminary municipality area to an existing road outside the proposed preliminary municipality area; and
         (13)(b) the main lines that will connect a utility to the proposed preliminary municipality area, including the stubs that will connect the main lines to the development in the proposed preliminary municipality area. See Utah Code 10-2a-501
  • Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Town: means a municipality classified by population as a town under Section 10-2-301. See Utah Code 10-1-104
  • Town: includes , depending on population, a metro township as defined in Section 10-3c-102. 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
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Unincorporated: means not within a municipality. See Utah Code 10-1-104
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • User: means the person, whether natural or corporate, who will occupy, operate, maintain, and employ the facilities of, or manage and administer a project after the financing, acquisition, or construction of it, whether as owner, manager, purchaser, lessee, or otherwise. See Utah Code 11-17-2
  • Valuation manual: means the manual of valuation instructions adopted in accordance with Section 31A-17-514. See Utah Code 31A-17-501
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Writing: includes :
         (48)(a) printing;
         (48)(b) handwriting; and
         (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5