Terms Used In Utah Code > Title 67 > Chapter 19d - State Post-Retirement Benefits Trust Fund Act

• 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}
• board: means the board of trustees created in Section 67-19d-202. See Utah Code 67-19d-102
• Continuing care: means furnishing or providing access to an individual, other than by an individual related to the individual by blood, marriage, or adoption, of lodging together with nursing services, medical services, or other related services pursuant to a contract requiring an entrance fee. See Utah Code 31A-44-102
• Continuing care contract: means a contract under which a provider provides continuing care to a resident. See Utah Code 31A-44-102
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Entrance fee: includes a monthly fee, assessed at a rate that is greater than the value of the provider's monthly services, that a resident agrees to pay in exchange for acceptance into a facility or a promise of future monthly fees assessed at a rate that is less than the value of the services rendered. See Utah Code 31A-44-102
• Facility: means a place in which a person provides continuing care pursuant to a continuing care contract. See Utah Code 31A-44-102
• Fiduciary: A trustee, executor, or administrator.
• Ground lease: means a lease to a provider of the land and infrastructure improvements to the land on which a facility is located. See Utah Code 31A-44-102
• Ground lessor: means , for a facility subject to a ground lease, the owner and lessor of the land and infrastructure improvements to the land on which the facility is located. See Utah Code 31A-44-102
• Income: means the revenues received by the state treasurer from investments of the trust fund principal. See Utah Code 67-19d-102
• Insolvent: means :
       (7)(a) having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute;
       (7)(b) being unable to pay debts as they become due; or
       (7)(c) being insolvent within the meaning of federal bankruptcy law. See Utah Code 31A-44-102
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
• Provider: means :
            (9)(a)(i) the owner of a facility;
            (9)(a)(ii) a person, other than a resident, that claims a possessory interest in a facility; or
            (9)(a)(iii) a person who enters into a continuing care contract with a resident or potential resident. See Utah Code 31A-44-102
• Resident: means an individual entitled to receive continuing care in a facility pursuant to a continuing care contract. See Utah Code 31A-44-102
• Sell: means to exchange a contract of insurance:
       (179)(a) by any means;
       (179)(b) for money or its equivalent; and
       (179)(c) on behalf of an insurance company. See Utah Code 31A-1-301
• Trust fund: means the State Post-Retirement Benefits Trust Fund created by Section 67-19d-201. See Utah Code 67-19d-102
• Trustee: A person or institution holding and administering property in trust.