Utah Admin. Code R156-9-614 - Maximum Life Insurance Proceeds Payable to Funeral Service Establishment
(1) Preneed life
insurance proceeds payable to a funeral service provider shall not exceed the
funeral service establishment's insurable interest in the recipient of goods
and services which, by definition, shall not exceed the funeral service
establishment's current retail price for the goods and services provided, as
determined by the funeral service establishment's price list in effect at the
recipient of goods and service's death.
(2) Excess preneed life insurance proceeds
not paid to the funeral service establishment shall be returned to the owner of
the life insurance policy or his heirs and beneficiaries unless otherwise
designated by the owner or his heirs and beneficiaries.
Notes
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