Illinois Compiled Statutes 225 ILCS 45/1a – For the purposes of this Act, the following terms shall have the …
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For the purposes of this Act, the following terms shall have the meanings specified, unless the context clearly requires another meaning:
“Beneficiary” means the person specified in the pre-need contract upon whose death funeral services or merchandise shall be provided or delivered.
“Licensee” means a seller of a pre-need contract who has been licensed by the Comptroller under this Act.
“Outer burial container” means any container made of concrete, steel, wood, fiberglass or similar material, used solely at the interment site, and designed and used exclusively to surround or enclose a separate casket and to support the earth above such casket, commonly known as a burial vault, grave box or grave liner, but not including a lawn crypt as defined in the Illinois Pre-need Cemetery Sales Act.
“Parent company” means a corporation owning more than 12 cemeteries or funeral homes in more than one state.
“Person” means any person, partnership, association, corporation, or other entity.
“Pre-need contract” means any agreement or contract, or any series or combination of agreements or contracts, whether funded by trust deposits or life insurance policies or annuities, which has for a purpose the furnishing or performance of funeral services or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body. Nothing in this Act is intended to regulate the content of a life insurance policy or a tax-deferred annuity.
“Provider” means a person who is obligated for furnishing or performing funeral services or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body.
“Purchaser” means the person who originally paid the money under or in connection with a pre-need contract.
“Sales proceeds” means the entire amount paid to a seller, exclusive of sales taxes paid by the seller, finance charges paid by the purchaser, and credit life, accident or disability insurance premiums, upon any agreement or contract, or series or combination of agreements or contracts, for the purpose of performing funeral services or furnishing personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, including, but not limited to, the retail price paid for such services and personal property and merchandise.
“Purchase price” means sales proceeds less finance charges on retail installment contracts.
“Seller” means the person who sells or offers to sell the pre-need contract to a purchaser, whether funded by a trust agreement, life insurance policy, or tax-deferred annuity.
“Trustee” means a person authorized to hold funds under this Act.
“Beneficiary” means the person specified in the pre-need contract upon whose death funeral services or merchandise shall be provided or delivered.
Terms Used In Illinois Compiled Statutes 225 ILCS 45/1a
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Licensee” means a seller of a pre-need contract who has been licensed by the Comptroller under this Act.
“Outer burial container” means any container made of concrete, steel, wood, fiberglass or similar material, used solely at the interment site, and designed and used exclusively to surround or enclose a separate casket and to support the earth above such casket, commonly known as a burial vault, grave box or grave liner, but not including a lawn crypt as defined in the Illinois Pre-need Cemetery Sales Act.
“Parent company” means a corporation owning more than 12 cemeteries or funeral homes in more than one state.
“Person” means any person, partnership, association, corporation, or other entity.
“Pre-need contract” means any agreement or contract, or any series or combination of agreements or contracts, whether funded by trust deposits or life insurance policies or annuities, which has for a purpose the furnishing or performance of funeral services or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body. Nothing in this Act is intended to regulate the content of a life insurance policy or a tax-deferred annuity.
“Provider” means a person who is obligated for furnishing or performing funeral services or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body.
“Purchaser” means the person who originally paid the money under or in connection with a pre-need contract.
“Sales proceeds” means the entire amount paid to a seller, exclusive of sales taxes paid by the seller, finance charges paid by the purchaser, and credit life, accident or disability insurance premiums, upon any agreement or contract, or series or combination of agreements or contracts, for the purpose of performing funeral services or furnishing personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, including, but not limited to, the retail price paid for such services and personal property and merchandise.
“Purchase price” means sales proceeds less finance charges on retail installment contracts.
“Seller” means the person who sells or offers to sell the pre-need contract to a purchaser, whether funded by a trust agreement, life insurance policy, or tax-deferred annuity.
“Trustee” means a person authorized to hold funds under this Act.