Utah Admin. Code R590-85-3 - Definitions
Terms 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.
Notes
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