SB 679

Abstract

Board of Funeral Directors and Embalmers; life insurance or annuity preneed funeral contract requirements. Provides that the face amount of any life insurance policy issued to fund a preneed funeral contract shall not be decreased over the life of the life insurance policy except where such policies have lapsed due to nonpayment of premiums or have gone to a nonforfeiture option that lowers the face amount as allowed for in the provisions of the policy.

Board of Funeral Directors and Embalmers; life insurance or annuity preneed funeral contract requirements. Provides that the face amount of any life insurance policy issued to fund a preneed funeral contract shall not be decreased over the life of the life insurance policy except where such policies have lapsed due to nonpayment of premiums or have gone to a nonforfeiture option that lowers the face amount as allowed for in the provisions of the policy.

Board of Funeral Directors and Embalmers; lifeinsurance or annuity preneed funeral contract requirements. Prohibitsthe Board of Funeral Directors and Embalmers from requiring lifeinsurance or annuity contracts used to fund a preneed funeral contractto provide that (i) the face value thereof shall be adjusted annuallyby a factor equal to the annualized Consumer Price Index as publishedby the Bureau of Labor Statistics of the U.S. Department of Laboror (ii) a benefit payable at death under such contract will equalor exceed the sum of all premiums paid for such contract plus interestor dividends.