Terms Used In Utah Code > Title 31A > Chapter 19a > Part 1 - General Provisions

• 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
• 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
• 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
• 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
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• classification: means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. See Utah Code 31A-19a-102
• Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
• Contract: A legal written agreement that becomes binding when signed.
• Credit accident and health insurance: means insurance on a debtor to provide indemnity for payments coming due on a specific loan or other credit transaction while the debtor has a disability. See Utah Code 31A-1-301
• Credit life insurance: means insurance on the life of a debtor in connection with an extension of credit that pays a person if the debtor dies. See Utah Code 31A-1-301
• Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
• Expenses: means that portion of a rate attributable to:
       (4)(a) acquisition;
       (4)(b) field supervision;
       (4)(c) collection expenses;
       (4)(d) general expenses;
       (4)(e) taxes;
       (4)(f) licenses; and
       (4)(g) fees. See Utah Code 31A-19a-102
• 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
• 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
• 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
• 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
• 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}
• 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
• Loss adjustment expense: means the expenses incurred by the insurer in the course of settling claims. See Utah Code 31A-19a-102
• Market: means the interaction between buyers and sellers consisting of a:
            (8)(a)(i) product component; and
            (8)(a)(ii) geographic component. See Utah Code 31A-19a-102
• 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.
• 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
• 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
• 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
• 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
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Pure premium rate: means that portion of a rate that:
       (11)(a) does not include provisions for profit or expenses, other than loss adjustment expenses; and
       (11)(b) is based on historical aggregate losses and loss adjustment expenses that are:

            (11)(b)(i) adjusted through development to their ultimate value; and

            (11)(b)(ii) projected through trending to a future point in time. See Utah Code 31A-19a-102
• Rate: means that cost of insurance per exposure unit either expressed as:
            (12)(a)(i) a single number; or
            (12)(a)(ii) as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of:

                 (12)(a)(ii)(A) expenses;

                 (12)(a)(ii)(B) profit; and

                 (12)(a)(ii)(C) individual insurer variation in loss experience. See Utah Code 31A-19a-102
• 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
• 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
• Supplementary rate information: includes one or more of the following needed to determine the applicable rate in effect or to be in effect:
       (15)(a) a manual or plan of rates;
       (15)(b) a statistical plan;
       (15)(c) a classification;
       (15)(d) a rating schedule;
       (15)(e) a minimum premium;
       (15)(f) a policy fee;
       (15)(g) a rating rule;
       (15)(h) a rate-related underwriting rule;
       (15)(i) a rate modification plan; or
       (15)(j) any other similar information prescribed by rule of the commissioner as supplementary rate information. See Utah Code 31A-19a-102
• Supporting information: includes one or more of the following:
       (16)(a) data demonstrating actuarial justification for the basic rate factors, classifications, expenses, and profit factors used by the filer;
       (16)(b) the experience and judgment of the filer;
       (16)(c) the experience or data of other insurers or rate service organizations relied upon by the filer;
       (16)(d) the interpretation of any other data relied upon by the filer;
       (16)(e) descriptions of methods used in making the rates; or
       (16)(f) any other information defined by rule as supporting information that is required to be filed. See Utah Code 31A-19a-102
• Trending: means any procedure for projecting, for the period during which the policies are to be effective:
       (17)(a) losses to the average date of loss; or
       (17)(b) premiums or exposures to the average date of writing. See Utah Code 31A-19a-102
• 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