Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 2 - FUNERAL CONTRACT TRUST FUNDS › Section 2-2 - Definitions

Current through July 13, 2024
When used in this article, the term:
(a) "Person" unless the context otherwise
				requires, means an individual, partnership, firm, joint venture, corporation,
				company, association, or joint stock association.
(b) "Contract' means any contract, agreement,
				mutual understanding, series or combination of contracts, agreements, mutual
				understandings, and any security or other instrument which is convertible into
				a contract, agreement, or mutual understanding, whereby it is agreed that upon
				the death of any person a final resting place, personal property, or services
				of any nature shall be provided, delivered, or performed in connection with the
				preparation or cremation of such person's body for final disposition or in
				connection with the interment, entombment, or other final disposition or such
				person's remains or in connection with the memorializing or marking of the
				decedent, the decedent's remains, or the final resting place of such remains;
				but this term shall not include policies of life insurance payable in money
				which are subject to regulation under other laws of this state, nor shall it
				include a sale by the owner thereof of a cemetery lot, plot, or grave space, or
				niche or crypt if, upon receipt of full payment therefore, the purchaser
				acquires a conveyance of and a vested interest in an existing, specific, and
				identifiable lot, plot, grave space, niche, or crypt.
(c) "Contract seller" means any person who
				engages in the business of selling contracts, also called "seller".
(d) "Contract buyer" means any person who
				buys a contract from a contract seller, also called "buyer".
(e) "Decedent' means any person specified or
				included in the contract upon whose death a final resting place, personal
				property, or services of any nature shall be provided, delivered, or
				performed.
(f) "Commissioner" means
				the Commissioner of Insurance.
(g)
				"Depository" means a chartered state or national bank, authorized to do
				business in the state, or any savings and loan association in Wyoming, which is
				a member of the Federal Savings and Loan Insurance Corporation, with which a
				contract seller deposits funds received from the sale of contracts and so
				designated under a depository agreement.
(h) "Depository funds" means money deposited
				by a contract seller with a depository from a contract buyer in consequence of
				the sale of a contract representing not less than 100% of the total selling
				price. In the event the contract buyer is making installment deposits, 100% of
				each installment shall become a part of the fund.
(i) "Performer" means the individual,
				partnership, association, company or corporation named in the pre-need funeral
				or burial contract who will provide the services enumerated in the contract for
				the decedent at the time of his death.
(j) "Agent' means any person who receives
				funds for the benefit of a contract seller, except those persons defined in
				Section 2, of these regulations.