Utah Administrative Code (Current through November 1, 2019) |
R156. Commerce, Occupational and Professional Licensing |
R156-9. Funeral Service Licensing Act Rule |
R156-9-606. Preneed Funeral Arrangement Contracts Funded by Insurance or Annuity Policy
Latest version.
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(1) The beneficiary designation on any insurance or annuity policy sold to fund a preneed funeral arrangement contract shall be a contingent designation using such wording as "as their interests may appear under a funeral arrangement contract" with information identifying the funeral arrangement contract, or other substantially equivalent beneficiary designation language.
(2) Monies received by a licensee in payment for an insurance or annuity policy sold to fund a preneed funeral arrangement contract shall be handled in accordance with the contractual terms and conditions of the policy and the insurance laws applicable to the policy.