Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT
Section 610.40 - Classification of Pre-Need Contract by Funding Methods
Current through Register Vol. 47, No. 52, December 29, 2023
a) For the purposes of this Part, pre-need contracts shall be classified as follows:
b) Pre-need contracts funded by trust agreements. In addition to complying with the requirements of Section 610.50, pre-need contracts funded by trust agreements must also contain:
c) Pre-need contracts funded by life insurance or tax-deferred annuity. In addition to complying with the requirements of Section 610.50, pre-need contracts funded by life insurance or a tax-deferred annuity must also contain:
This assignment may be revoked by the assignor or assignor's successor or, if the assignor is also the insured and deceased, by the representative of the insured's estate before the rendering of the cemetery services or goods or funeral services or goods. If the assignment is revoked, the death benefit under the life insurance policy or annuity contract shall be paid in accordance with the beneficiary designation under the insurance policy or annuity contract. [225 ILCS 45/2a(d) ]
Amended at 26 Ill. Reg. 5772, effective April 10, 2002