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2007 SESSION

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HB 1953 Burial and funeral expenses; preneed contracts.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Burial and funeral expenses; preneed contracts. Authorizes an incorporated association that is authorized to sell burial association group life insurance certificates, and that has the principal purpose of assisting its members in financial planning for their funerals and burials and obtaining insurance for the payment for funeral and burial expenses, to serve as the trustee of a trust established to fund a preneed funeral contract. The measure also clarifies the method of calculating the inflation adjustment that is required when a life insurance or annuity contract is used to fund a preneed funeral contract. This bill incorporates HB 2722.

SUMMARY AS INTRODUCED:

Burial and funeral expenses; preneed contracts.  Authorizes an incorporated association that is authorized to sell burial association group life insurance certificates, and whose principal purpose is to assist its members in financial planning for their funerals and burials and obtaining insurance for the payment for funeral and burial expenses, to serve as the trustee of a trust established to fund a preneed funeral contract. The measure also increases, from $3,500 to $7,000, the amount that may be set aside to meet burial expenses without effecting Medicaid eligibility. The measure also clarifies the method of calculating the inflation adjustment that is required when a life insurance or annuity contract is used to fund a preneed funeral contract.