Kentucky Statutes 304.12-240 – Regulations relating to payment and disclosure by life insurers when funds are used for preneed funeral contracts or prearrangements
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(1) As used in this section, unless the context requires otherwise:
(a) “Preneed funeral contract or prearrangement” means an agreement by or for an individual before that individual’s death relating to the purchase or provision of specific funeral or cemetery merchandise or services; and
(b) “Agent” has the meaning provided in KRS § 367.932.
(2) The commissioner shall adopt regulations requiring life insurers to provide disclosure to consumers when life insurance or annuities are used to fund preneed funeral contracts or prearrangements.
(3) Life insurance and annuity benefits used to fund preneed funeral contracts or prearrangements shall not be paid by a life insurer until the agent has proven the death of the person for whose service the premiums were paid by furnishing the life insurer with a verified or certified copy of a record verifying the death, issued by the state registrar of the Vital Statistics Branch or its successor agency as authorized by KRS Chapter 213, or a provisional certificate of death as described in KRS
213.076.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1112, effective July 15, 2010. — Amended 2006 Ky. Acts ch. 102, sec. 3, effective July 12, 2006. — Created 1990 Ky. Acts ch. 464, sec. 4, effective July 13, 1990.
(a) “Preneed funeral contract or prearrangement” means an agreement by or for an individual before that individual’s death relating to the purchase or provision of specific funeral or cemetery merchandise or services; and
Terms Used In Kentucky Statutes 304.12-240
- agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) “Agent” has the meaning provided in KRS § 367.932.
(2) The commissioner shall adopt regulations requiring life insurers to provide disclosure to consumers when life insurance or annuities are used to fund preneed funeral contracts or prearrangements.
(3) Life insurance and annuity benefits used to fund preneed funeral contracts or prearrangements shall not be paid by a life insurer until the agent has proven the death of the person for whose service the premiums were paid by furnishing the life insurer with a verified or certified copy of a record verifying the death, issued by the state registrar of the Vital Statistics Branch or its successor agency as authorized by KRS Chapter 213, or a provisional certificate of death as described in KRS
213.076.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1112, effective July 15, 2010. — Amended 2006 Ky. Acts ch. 102, sec. 3, effective July 12, 2006. — Created 1990 Ky. Acts ch. 464, sec. 4, effective July 13, 1990.