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

(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.