Utah Code > Title 63B > Chapter 16 – 2007 Bonding and Financing Authorizations
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Terms Used In Utah Code > Title 63B > Chapter 16 - 2007 Bonding and Financing Authorizations
- 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 Subsections31A-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- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- 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
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- 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.
- Health organization: means :
(3)(a) an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and(3)(b) that is:(3)(b)(i) a health maintenance organization;(3)(b)(ii) a limited health service organization;(3)(b)(iii) a dental or vision plan;(3)(b)(iv) a hospital, medical, and dental indemnity or service corporation; or(3)(b)(v) other managed care organization. See Utah Code 31A-17-601- Highway: includes :
(15)(a) a public bridge;(15)(b) a county way;(15)(c) a county road;(15)(d) a common road; and(15)(e) a state road. See Utah Code 68-3-12.5- 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- 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- 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.
- 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- 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
- 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
- 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- 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
- Application: means a document: