Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-05 - Division of Regulatory Boards
Chapter 0780-05-09 - Cemeteries
Section 0780-05-10-.01 - DEFINITIONS

Universal Citation: TN Comp Rules and Regs 0780-05-10-.01

Current through September 24, 2024

With respect to this chapter, unless the context requires otherwise:

(1) "Commissioner" means the Commissioner of the Tennessee Department of Commerce and Insurance or the Commissioner's designee.

(2) "Board" means the Board of Funeral Directors and Embalmers for the State of Tennessee.

(3) "Contract Seller" means and shall include natural persons, partnerships, firms, associations, and corporations residing in or doing business in this state (which includes issuing or performing wholly or in part in this state any incident of a Pre-need Funeral Service Contract), who engage in the business of selling Pre-need Funeral Service Contracts.

(4) "Contract Buyer" means any person (such person may or may not be a Contract Beneficiary) who purchases a Pre-need Funeral Service Contract from a Contract Seller.

(5) "Contract Beneficiary" means any natural person specified or included in a Pre-need Funeral Service Contract, upon whose death funeral services and/or funeral merchandise shall be performed, provided or delivered.

(6) "Financial Institution" means a bank or trust company which is authorized to do business in this state, or a federally insured savings and loan association or a federally insured savings bank.

(7) "Funds" means money paid pursuant to a Pre-need Funeral Service Contract.

(8) "Person" means, according to the context, any individual, association, partnership, corporation, or any other organization or entity.

(9) "Pre-need Funeral Service Contract", "Pre-need Funeral Contract", or "Pre-need Contract" means any agreement, contract or plan which is described in Tenn. Code Ann. § 62-5-401.

(10) "Trust Funds" means funds deposited by a Contract Seller with a Trustee.

(11) "Trust Instrument" means the document or documents pursuant to which a Trustee receives, holds, invests and disburses Trust Funds.

(12) "Trustee" means any third person who holds funds pursuant to a Trust Instrument. The term "Trustee" shall not include:

(a) a Contract Seller; or

(b) anyone employed by, or directly involved with, the Contract Seller in the business of selling Pre-need Funeral Service Contracts.

Authority: T.C.A. § 62-5-405(a) and (b).

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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