Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.05 - Standard Provisions for Burial Policies

Current through June 25, 2024
House Bill 424, Mississippi Laws of 1973, requires that
all
burial policies issued from and after January 1,
				  1974, contain the following Standard Provisions.
STANDARD PROVISIONS
A. The association will not be responsible
				for casket or any other funeral supplies or expenses contracted for by anyone
				unless authorized by the association, subject to minimum cash settlement
				hereinafter provided.
B. When this
				policy has been maintained in force for not less than two (2) consecutive
				months, there will be a grace period of thirty (30) days for the payment of
				anysubsequent premium, and during such period of grace, the funeral benefit
				provided herein shall continue in force, provided all other conditions and
				stipulations herein contained shall have been complied with by such member or
				members.
C. This contract shall
				lapse, and the association shall not be liable for any benefits hereunder, when
				any premium payment on same is more than thirty (30) days in arrears, and in
				such event all premiums paid hereon shall be forfeited to the
				association.
D. If the contract is
				allowed to lapse, it may be reinstated by furnishing the association with
				satisfactory evidence that all members named hereon are in good health, and by
				the payment of the premiums required by the association, provided the policy is
				not over six (6) months in arrears. Acceptance of premium as of date of lapse
				shall reinstate the contract as of date premium is applied on lapse
				period.
E. No agent has the power
				on behalf of the association to modify this contract or to extend the time for
				payment of premium, the entire contract being that contained herein together
				with the application thereof.
F.
				The association reserves the right to investigate within one (1) year from date
				of application all statements made in the application as to age or condition of
				health, and should any of the statements made therein be found to be false, the
				association's liability shall be limited to the return of all premiums paid
				hereon, and the policyholders shall forfeit all rights to the funeral benefits.
				All applicants must be in good health when this contract is
				delivered.
G. This contract shall
				be incontestable after one (1) year, except for nonpayment of
				premiums.
H. If death and/or burial
				occurs more than fifty (50) miles from any location of the funeral home named
				herein and should the beneficiary therefore deem it impractical shall pay in
				cash to the member not less than fifty percent (50%) of the face value of the
				certificate to which the member is entitled or the full return of the premium
				paid by the member, not to exceed three-fourths percent (3/4%) of the face
				value of the certificate, whichever amount is larger. Provided, however, if
				premium rates of not less than ten percent (10%) in excess of the rates
				described herein are requested by the association and approved by the
				commissioner, the standard provisions contained in this paragraph may provide
				for a cash settlement up to one hundred percent (100%) of the face value of the
				contract. If death and/or burial occurs within fifty (50) miles of any location
				of the funeral home named herein, and the member desires to use a funeral home
				other than the funeral home named in this contract, the association's liability
				shall be the full return of the premium paid by the member not to exceed the
				face value of the certificate.
I.
				There shall be no liability to any person or persons insured hereunder if death
				should occur through self-destruction or suicide, whether sane or insane,
				within one (1) year from date of issuance of this contract, or within one (1)
				year from the date of the date of any reinstatement. In the event of death by
				suicide or self-destruction, no return of premium shall be due under this
				contract.
Miss. Code Ann.
				  §§
										83-37-13;
				  83-37-35 (Rev. 2011)