An Act Regarding Pre-need Funeral Insurance regulates the sale and use of pre-need funeral insurance in Maine.
An Act Regarding Pre-need Funeral Insurance defines pre-need insurance as any life insurance policy or certificate assigned to fund a prearranged funeral service or plan. It allows a person's legal representative to assign policy proceeds to a funeral establishment upon death. The bill mandates that the policy proceeds cannot exceed the contracted funeral services' value. It also requires funeral directors to disclose specific information to consumers, including the policy's role in funding the funeral, applicable relationships, and guarantees.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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