Section R590-85-3 - DefinitionsTerms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Average annual premium per policy" means the average computed by the insurer based on an anticipated distribution of business by all applicable criteria having a price difference, such as age, sex, amount, dependent status, rider frequency, etc., except assuming an annual mode for all policies, for example, the fractional premium loading may not affect the average annual premium or anticipated loss ratio calculation.(2) "Conditionally renewable" means renewal can be declined by class, geographic area, or for stated reasons other than deterioration of health.(3) "Guaranteed renewable" means renewal cannot be declined by the insurance company for any reason, but the insurance company can revise rates on a class basis.(4) "Non-cancelable" means renewal cannot be declined nor can the rates be revised by the insurance company.(5) "Non-renewable" means renewal is not an option.(6) "Optionally renewable" means renewal is at the option of the insurance company.(7) "Qualified actuary" means a member in good standing of the American Academy of Actuaries.Utah Admin. Code R590-85-3
Amended by Utah State Bulletin Number 2021-07, effective 3/11/2021Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021