(a) Upon the death of the contract beneficiary, the trustee or the insurance company shall pay the funeral establishment or other provider that furnished the services or merchandise only after they have been furnished with a certified copy of the death certificate of the person, or other proof of death acceptable to the trustee or insurance company together with a copy of the statement of funeral merchandise and services, signed by the funeral director or other provider and representative of the contract beneficiary, setting forth that all of the terms and conditions of the pre-need funeral contract have been fully performed by the funeral establishment or other provider.(b)(1) After payment for the merchandise and services as set forth in the pre-need funeral contract, the trustee or insurance company shall pay any balance remaining in the pre-need funeral trust fund or the prearrangement insurance policy to the purchaser, the purchaser's estate or otherwise named beneficiary. (2) Subdivision (b)(1) does not apply to the interest earned on a guaranteed pre-need funeral contract funded by a prearrangement insurance policy or an irrevocable pre-need funeral trust. neficiary. (2) Subdivision (b)(1) does not apply to the interest earned on a guaranteed pre-need funeral contract funded by a prearrangement insurance policy or an irrevocable pre-need funeral trust. The seller of the guaranteed pre-need funeral contract shall disclose in the guaranteed pre-need funeral contract the disposition of all interest earned on the contract.Amended by 2024 Tenn. Acts, ch. 707,s 1, eff. 7/1/2024. Acts 2007 , ch. 592, § 11.
Tennessee Legal Code