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Can a preneed entity hold the life insurance premiums?

April 26, 2017entity hold Life Insurance premiums preneed

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Can a preneed entity hold the life insurance premiums?

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A. No, checks for life insurance premiums must be made payable to the insurance company, not the preneed entity. If payment is tendered to the preneed provider, the preneed provider must furnish a receipt in compliance with Rule 482-1-078-.05.