Tenn. Comp. R. & Regs. 0780-05-10-.01

Current through June 10, 2024

Section 0780-05-10-.01 - DEFINITIONS

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.

Tenn. Comp. R. & Regs. 0780-05-10-.01

Original rule filed October 22, 2002; effective January 5, 2003.

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