Terms Used In Utah Code > Title 31A > Chapter 22 > Part 19 - Unclaimed Life Insurance and Annuity Benefits Act

• Administrator: means the same as that term is defined in Section 67-4a-102. See Utah Code 31A-22-1902
• 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
• Asymmetric conduct: means an insurer's use of the death master file or other similar database before July 1, 2015, in connection with searching for information regarding whether annuitants under the insurer's annuities might be deceased, but not in connection with whether the insureds under the insurer's policies might be deceased. See Utah Code 31A-22-1902
• 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}
• 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.
• Contract: means an annuity contract. See Utah Code 31A-22-1902
• Death master file: means the United States Social Security Administration's Death Master File or another database or service that is at least as comprehensive as the United States Social Security Administration's Death Master File for determining that a person has reportedly died. See Utah Code 31A-22-1902
• Death master file match: means a search of a death master file that results in a match of the Social Security number, or the name and date of birth of an insured, annuity owner, or retained asset account holder. See Utah Code 31A-22-1902
• 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
• Governmental entity: is a s defined in Section 59-2-511. See Utah Code 63L-6-102
• 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
• 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
• 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.
• 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
• Net proceeds: means the proceeds from the sale of public lands, after subtracting expenses incident to the sale of the public lands. See Utah Code 63L-6-102
• 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
• Policy: means a policy or certificate of life insurance that provides a death benefit. See Utah Code 31A-22-1902
• 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Public lands: means lands within the exterior boundaries of this state except:
       (3)(a) lands to which title is held by a person who is not a governmental entity;
       (3)(b) lands owned or held in trust by this state, a political subdivision of this state, or an independent entity;
       (3)(c) lands reserved for use by the state system of public education as described in Utah Constitution Article X, § 2, or a state institution of higher education listed in Section 53B-1-102;
       (3)(d) school and institutional trust lands as defined in Section 53C-1-103;
       (3)(e) lands within the exterior boundaries as of January 1, 2012, of the following that are designated as national parks:

            (3)(e)(i) Arches National Park;

            (3)(e)(ii) Bryce Canyon National Park;

            (3)(e)(iii) Canyonlands National Park;

            (3)(e)(iv) Capitol Reef National Park; and

            (3)(e)(v) Zion National Park;
       (3)(f) lands within the exterior boundaries as of January 1, 2012, of the following national monuments managed by the National Park Service as of January 1, 2012:

            (3)(f)(i) Cedar Breaks National Monument;

            (3)(f)(ii) Dinosaur National Monument;

            (3)(f)(iii) Hovenweep National Monument;

            (3)(f)(iv) Natural Bridges National Monument;

            (3)(f)(v) Rainbow Bridge National Monument; and

            (3)(f)(vi) Timpanogos Cave National Monument;
       (3)(g) lands within the exterior boundaries as of January 1, 2012, of the Golden Spike National Historic Site;
       (3)(h) lands within the exterior boundaries as of January 1, 2012, of the following wilderness areas located in the state that, as of January 1, 2012, are designated as part of the National Wilderness Preservation System under the Wilderness Act of 1964, 16 U. See Utah Code 63L-6-102
• Record keeping services: means those circumstances under which the insurer agrees with a group policy or contract customer to be responsible for obtaining, maintaining, and administering, in its own or its agents' systems, information about each individual insured under an insured's group insurance contract, or a line of coverage under the group insurance contract, at least the following information:
       (7)(a) social security number, or name and date of birth;
       (7)(b) beneficiary designation information;
       (7)(c) coverage eligibility;
       (7)(d) benefit amount; and
       (7)(e) premium payment status. See Utah Code 31A-22-1902
• Retained asset account: means a mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer by depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits. See Utah Code 31A-22-1902
• 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
• 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.
• 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
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• 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