Ohio Code 4717.33 – Notice by trustee or insurer to purchaser of contract
(A) If a preneed funeral contract is funded by any means other than an insurance policy or policies, or an annuity or annuities, the trustee of the trust created pursuant to section 4717.36 of the Revised Code shall notify the purchaser of the preneed funeral contract in writing, within fifteen days after the trustee receives any payment to be deposited into the trust, that the trustee has received payment. The notice shall include all of the following information:
Terms Used In Ohio Code 4717.33
- 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.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Preneed funeral contract: means a written agreement, contract, or series of contracts to sell or otherwise provide any funeral services, funeral goods, or any combination thereof to be used in connection with the funeral or final disposition of a dead human body, where payment for the goods or services is made either outright or on an installment basis, prior to the death of the person purchasing the goods or services or for whom the goods or services are purchased. See Ohio Code 4717.01
- Purchaser: means the individual who has purchased and financed a preneed funeral contract, and who may or may not be the contract beneficiary. See Ohio Code 4717.01
- Trustee: A person or institution holding and administering property in trust.
(1) The amount the trustee received;
(2) The name and address of the institution described in division (D) of section 4717.36 of the Revised Code where the trust is being held;
(3) The name of the beneficiary of that trust.
(B) If a preneed funeral contract is funded by the purchase or assignment of one or more insurance policies or annuities, the insurance company shall notify the purchaser of the preneed funeral contract in writing within sixty days after the insurance company receives an initial premium payment applicable to that preneed funeral contract. The notice shall include all of the following information that is pertinent to that preneed funeral contract:
(1) The amount the insurance company received;
(2) The name and address of the insurance company;
(3) The name of the insured;
(4) The amount of the death benefit;
(5) The policy or contract number of the insurance policy, annuity, or contract.
(C) For purposes of division (B) of this section, delivery of an insurance policy, certificate, annuity, or contract to the purchaser shall satisfy the notice requirement specified in that division.