Terms Used In Utah Code > Title 65A > Chapter 2 - Administration and Management of State Lands

• Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
• 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
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Contract: A legal written agreement that becomes binding when signed.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• creditor: means a person having a claim against an insurer whether the claim is:
       (5)(a) matured or not matured;
       (5)(b) liquidated or unliquidated;
       (5)(c) secured or unsecured;
       (5)(d) absolute; or
       (5)(e) fixed or contingent. See Utah Code 31A-27a-102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deadline: means a final date or time:
       (44)(a) imposed by:

            (44)(a)(i) statute;

            (44)(a)(ii) rule; or

            (44)(a)(iii) order; and
       (44)(b) by which a required filing or payment must be received by the department. See Utah Code 31A-1-301
• Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
• Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
       (51)(a) perform the duties of:

            (51)(a)(i) that individual's occupation; or

            (51)(a)(ii) an occupation for which the individual is reasonably suited by education, training, or experience; or
       (51)(b) perform two or more of the following basic activities of daily living:

            (51)(b)(i) eating;

            (51)(b)(ii) toileting;

            (51)(b)(iii) transferring;

            (51)(b)(iv) bathing; or

            (51)(b)(v) dressing. See Utah Code 31A-1-301
• Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• 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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• 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
• 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
• Good faith: means honesty in fact and intention, and in regard to Part 5, Asset Recovery, also requires the absence of:
       (19)(a) information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and
       (19)(b) knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. See Utah Code 31A-27a-102
• Grantor: The person who establishes a trust and places property into it.
• Guaranty association: means :
       (20)(a) a mechanism mandated by Chapter 28, Guaranty Associations; or
       (20)(b) a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-102
• 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
• insolvent: means that an insurer:
       (22)(a) is unable to pay its obligations when they are due;
       (22)(b) does not have admitted assets at least equal to all of its liabilities; or
       (22)(c) has a total adjusted capital that is less than its mandatory control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102
• 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
• insurer: means a person who:
       (23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;
       (23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
       (23)(c) is included under Section 31A-27a-104. See Utah Code 31A-27a-102
• 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
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Long-term care insurance: includes :
            (121)(b)(i) any of the following that provide directly or supplement long-term care insurance:

                 (121)(b)(i)(A) a group or individual annuity or rider; or

                 (121)(b)(i)(B) a life insurance policy or rider;
            (121)(b)(ii) a policy or rider that provides for payment of benefits on the basis of:

                 (121)(b)(ii)(A) cognitive impairment; or

                 (121)(b)(ii)(B) functional capacity; or
            (121)(b)(iii) a qualified long-term care insurance contract. See Utah Code 31A-1-301
• Municipality: means a city or town. See Utah Code 65A-1-1
• 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.
• Order: means an order of the commissioner. 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 all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102
• Proceeding: includes an action or special statutory proceeding. 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 :
            (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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102
• receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102
• receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102
• Record: when used as a noun, means information or data, in whatever form maintained, including:
       (36)(a) a book;
       (36)(b) a document;
       (36)(c) a paper;
       (36)(d) a file;
       (36)(e) an application file;
       (36)(f) a policyholder list;
       (36)(g) policy information;
       (36)(h) a claim or claim file;
       (36)(i) an account;
       (36)(j) a voucher;
       (36)(k) a litigation file;
       (36)(l) a premium record;
       (36)(m) a rate book;
       (36)(n) an underwriting manual;
       (36)(o) a personnel record;
       (36)(p) a financial record; or
       (36)(q) other material. See Utah Code 31A-27a-102
• Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102
• 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.
• 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
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• Sovereign lands: means those lands lying below the ordinary high water mark of navigable bodies of water at the date of statehood and owned by the state by virtue of its sovereignty. See Utah Code 65A-1-1
• State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102
• 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
• State lands: means all lands administered by the division. See Utah Code 65A-1-1
• Statute: A law passed by a legislature.
• Sustained yield: means the achievement and maintenance of high level annual or periodic output of the various renewable resources of land without impairment of the productivity of the land. See Utah Code 65A-1-1
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether:
            (46)(a)(i) directly or indirectly;
            (46)(a)(ii) absolutely or conditionally;
            (46)(a)(iii) voluntarily or involuntarily; or
            (46)(a)(iv) by or without judicial proceedings. See Utah Code 31A-27a-102
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301
• under common control: means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person. See Utah Code 31A-1-301
• 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