HB1953: Burial and funeral expenses; preneed contracts.

Chief Patron

Del. Harvey Morgan (R-98)

Harvey Morgan (R-98)
Gloucester, VA
Served: 1980–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/20/2007: signed by governor

View Entire History

Summary

Burial and funeral expenses; preneed contracts.  Authorizes an incorporated association that is authorized to sell burial association group life insurance certificates, and whose principal purpose is to assist its members in financial planning for their funerals and burials and obtaining insurance for the payment for funeral and burial expenses, to serve as the trustee of a trust established to fund a preneed funeral contract. The measure also increases, from $3,500 to $7,000, the amount that may be set aside to meet burial expenses without effecting Medicaid eligibility. The measure also clarifies the method of calculating the inflation adjustment that is required when a life insurance or annuity contract is used to fund a preneed funeral contract.