Terms Used In Utah Code > Title 63J > Chapter 3 - State Appropriations and Tax Limitation Act

• 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
• 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
• Appropriations: includes appropriations that are contingent upon available surpluses in the General Fund and Income Tax Fund. See Utah Code 63J-3-103
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Base year real per capita appropriations: means the result obtained for the state by dividing the fiscal year 1985 actual appropriations of the state less debt money by:
       (2)(a) the state's July 1, 1983 population; and
       (2)(b) the fiscal year 1983 inflation index divided by 100. See Utah Code 63J-3-103
• Calendar year: means the time period beginning on January 1 of any given year and ending on December 31 of the same year. See Utah Code 63J-3-103
• 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
• 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
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Donor: The person who makes a gift.
• 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.
• 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
• Fiscal emergency: means an extraordinary occurrence requiring immediate expenditures and includes the settlement under Laws of Utah 1988, Fourth Special Session, Chapter 4. See Utah Code 63J-3-103
• 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.
• Fiscal year: means the time period beginning on July 1 of any given year and ending on June 30 of the subsequent year. See Utah Code 63J-3-103
• 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.
• 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
• Inflation index: means the change in the general price level of goods and services as measured by the Gross National Product Implicit Price Deflator of the Bureau of Economic Analysis, U. See Utah Code 63J-3-103
• 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
• 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}
• 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
• Mutual: means a mutual insurance corporation. 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.
• 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
• Personal lines insurance: means property and casualty insurance coverage sold for primarily noncommercial purposes to:
       (147)(a) an individual; or
       (147)(b) a family. 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
• Population: means the number of residents of the state as of July 1 of each year as calculated by the Governor's Office of Planning and Budget according to the procedures and requirements of Section 63J-3-202. See Utah Code 63J-3-103
• 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• 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
• 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
• Revenues: means the revenues of the state from every tax, penalty, receipt, and other monetary exaction and interest connected with it that are recorded as unrestricted revenue of the General Fund and from non-Uniform School Fund income tax revenues, except as specifically exempted by this chapter. See Utah Code 63J-3-103
• Security: means any bond, note, warrant, or other evidence of indebtedness, whether or not the bond, note, warrant, or other evidence of indebtedness is or constitutes an "indebtedness" within the meaning of any provision of the constitution or laws of this state. See Utah Code 63J-3-103
• 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