The financial examination records sought by the Missouri State Board of Embalmers and Funeral Directors two bullet points directed at insurance funded arrangements:
- A current statement from any/all applicable insurance companies with which you have insurance-funded preneed contracts for each active preneed contract
- A current listing of any other insurance assignments which require insurance funded preneed contracts that are not included in the above bullet
The first bullet point seeks the statements provided by such companies as Homesteaders, Forethought and National Guardian Life, where the preneed seller has a contractual relationship with the insurance company.
The second bullet point seeks a listing of the insurance policies where the consumer has made the funeral home the beneficiary of a pre-existing policy, often is a spend-down situation. To comply with this request, the seller could update and provide the Excel worksheet used for the annual report. (Contact us for an Excel template for this purpose.)