|
Agent
|
An individual appointed by an insurer to solicit, negotiate,
effect or countersign insuance contracts on its behalf. |
Annuity
|
A contract that pays an income for life or for a specified
period. |
Alternative Containers
|
An unfinished wood box or other non-metal receptacle
or enclosure, without oranamention or a fixed interior lining, which
is designed for the encasement of human remains and which is made
of fiberboard, pressed-wood, composition materials (with or without
an outside covering) or like materials. |
|
Basic Service Fee
|
The fee for the professional services of the funeral
director and staff. The FTC Funeral Rule requires funeral service
providers to inform consumers about any "basic service fees"
they will add to the total cost of the funeral arrangements. |
Beneficiary
|
A person who may become eligible to receive, or is receiving,
benefits under an insurance plan, other than as an insured. |
|
Cancellation
|
Termination of the insurance contract by voluntary act
of the insurer or insured, effective in accordance with provisions
in the contract or by mutual agreement. |
|
Direct Cremation
|
A disposition of human remains by cremation, without
fomal viewing, visitation, or ceremony with the body present. |
|
Embalming |
The process of sanitizing, disinfecting,
and temporarily preserving a dead body by means of circulating preservative
and antiseptic through the veins and arteries. |
Expiration |
The date upon which a policy's coverage
ceases. |
|
FTC
|
Federal Trade Commission |
FTC Funeral Rule
|
The rule requiring all funeral providers
to give consumers accurate, itemized price information and various
other disclosures about funeral goods and services, it also contains
prohibitions. Failure to abide by the rule may subject agents to penalties.
|
Funeral Director
|
A professional who prepares
for the burial or other disposition of dead human bodies, supervises
such burial or disposition, maintains a funeral establishment for
such purposes, and counsels with survivors. |
|
GPL
|
General Price List, the keystone of the
funeral rule that must contain identifying information, itemized prices,
and other important disclosures. The list is given (to keep) to anyone
who asks. |
Grace Period
|
A period of time after the premium due date
during which a policy remains in force without penalty even though
the premium due has not been paid. Commonly 30-31 days in life insurance
policies; 7, 10, or 31 days in various health insurance policies. |
|
|
Insurance
|
A device to transfer the risk of loss from
individuals to an insurer, who agrees, for a consideration, to indemnify
or to pay a specified amount for losses suffered by the insured. |
|
|
|
Liability
|
Broadly, any obligation that is legally
enforceable. |
Life Insurance
|
Insurance paying a specified amount upon
the death of the insured to the insured's estate or to a beneficiary. |
License, Agents
|
A state-conferred license that is enables
an insurance agent to do business in the conferring state. Renewable
annually. Subject to initial written examination and to suspension
or revokation for certain offenses. |
|
|
|
Outer Burial Container
|
Any container which is designed for placement
in the grave around the casket including, but not limitied to, containers
commonly known as burial vaults, grave boxes, and grave liners. |
|
Prepaid Funeral Contracts
|
An agreement whereby a person contracts
with a purchaser to provide or make provisions for funeral services,
funeral supplies, or both or for the transportation of a dead human
body, including disbursements, upon the death of a beneficiary. |
|
|
Receiving Remains
|
In certain cases, the remains may need to be transferred from the
funeral home that first received the remains to another funeral
home for ceremonies with the body present for the burial.
|
|
Seller's Permit
|
If your business involves selling taxable
goods or providing a taxable service such as renting goods or fabrication
labor, you must obtain a seller's permit before opening your business. |
Services
|
The "services of funeral director and
staff" are the basic services, not to be included in prices of
other categories, that are furnished by a funeral provider in arranging
any funeral, such as conducting the arrangements conference, planning
the funeral, obtaining necessary permits and placing obituary notices. |
|
Transfer Permit
|
A legal paper issued by the local government
authorizing the removal of a body to a cemetary for interment some
cities also require an additional permit if the decesased to be cremated. |
|
|
|
Waiver
|
A provision or rider agreement to forego
premium payment during a period of disability. |
|
|
|