Texas Finance Code 154.204 – Conversion From Trust-Funded Prepaid Funeral Benefits
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(a) The department must approve a conversion from trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits as safeguarding the rights and interests of the individual who purchases the prepaid funeral benefits contract.
(b) Each contract holder shall be notified in writing of:
(1) the terms of the proposed conversion; and
(2) the holder’s right to decline the conversion.
Terms Used In Texas Finance Code 154.204
- Contract: A legal written agreement that becomes binding when signed.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
(c) An application for approval of a conversion from trust-funded prepaid funeral benefits to insurance-funded prepaid funeral benefits must be:
(1) filed with the department on forms prescribed by the department; and
(2) accompanied by a conversion application fee set by the department under § 154.051.