Louisiana Revised Statutes 22:191 – Definitions
Terms Used In Louisiana Revised Statutes 22:191
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
For the purposes of this Subpart, the terms stated in this Section have the meanings assigned to them, respectively, unless the context otherwise requires:
(1) “Nonprofit funeral service association” or “nonprofit association” means a corporation organized, incorporated, and operated under the provisions of this Subpart which furnishes to its policyholders funeral services, supplies, and other benefits hereinafter authorized on the assessment or cooperative plan, but the term shall not be construed to affect or apply to grand or subordinate lodges of Masons, Odd Fellows, Knights of Columbus, Daughters of America, or any other fraternal benefit society organized and qualified prior to 12:00 noon, October 1, 1948.
(2) “Policyholder” means any person who is named as a beneficiary in a policy or certificate of membership issued by a nonprofit funeral association.
(3) “Insured bank” means a bank, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(4) “Funeral services and supplies” means the general and usual services rendered and supplies furnished by undertakers, embalmers, and funeral directors.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:331 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
NOTE: Former La. Rev. Stat. 22:191 redesignated as La. Rev. Stat. 22:1791 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.