Terms Used In Utah Code > Title 59 > Chapter 23 - Brine Shrimp Royalty Act

• 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
• 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
• 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
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Brine shrimp eggs: means dormant, early stage brine shrimp embryos encapsulated as cysts that are harvested from within the state. See Utah Code 59-23-3
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• Permanent surplus: means the surplus of an insurer or organization that is designated by the insurer or organization as permanent. 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
• 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
• Professional liability insurance: means insurance against legal liability incident to the practice of a profession and provision of a professional service. See Utah Code 31A-1-301
• Property insurance: means insurance against loss or damage to real or personal property of every kind and any interest in that property:
            (160)(a)(i) from all hazards or causes; and
            (160)(a)(ii) against loss consequential upon the loss or damage including vehicle comprehensive and vehicle physical damage coverages. See Utah Code 31A-1-301
• 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.
• Residential dwelling liability insurance: means insurance against liability resulting from or incident to the ownership, maintenance, or use of a residential dwelling that is a detached single family residence or multifamily residence up to four units. See Utah Code 31A-1-301
• surety insurance: includes :
       (185)(a) a guarantee against loss or damage resulting from the failure of a principal to pay or perform the principal's obligations to a creditor or other obligee;
       (185)(b) bail bond insurance; and
       (185)(c) fidelity insurance. See Utah Code 31A-1-301
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Tax year: means a one-year period beginning on February 1 and ending on January 31 of the following year. See Utah Code 59-23-3
• 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
• Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with:
       (189)(a) the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and
       (189)(b) another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301