Authorizing Act (LOLP)
Authorizing Act with Definitions
Section 1676(c) of the California Insurance Code reads, in part:
A life-only license limited to the payment of funeral and burial expenses who is limited by the terms of a written agreement with an insurer which has filed on that life-only agent's behalf a notice of appointment with the commissioner to transact only specific life insurance policies or annuities having an initial face amount of twenty thousand dollars ($20,000) or less that are designated by the purchaser for the payment of funeral and burial expenses.
Section 10240 of the California Insurance Code reads, in part:
A "Funeral Insurance Contract" is a life policy embodying an agreement, for a valuable consideration, to embalm or dispose of, or expressly to procure or pay or to provide funds for, in whole or in part, the embalming or disposal of the remains of any person living at the time of the issuance of such policy.
Section 10247 of the California Insurance Code reads, in part:
Limited Death Benefit Insurance Contracts may be issued and delivered in this state upon the life of any person in this state who makes premium payments over a period of time to purchase a funeral insurance policy.
Section 10252 of the California Insurance Code Reads, in part:
No person shall sell or offer for sale any such funeral insurance contract in this state unless he or she is licensed as a life agent pursuant to the provisions of Chapter 5.