2015 Wisconsin Statutes & Annotations
632. Insurance contracts in specific lines.
632.41 Prohibited provisions in life insurance.
632.41 Prohibited provisions in life insurance.
632.41(1)(1) Assessable policies. No insurer may issue assessable life insurance policies under which assessments or calls may be made upon policyholders or others.
632.41(2) (2) Burial insurance. Except as provided in s. 632.415, no contract in which the insurer agrees to provide benefits to pay for any of the incidents of burial or other disposition of the body of a deceased may provide that the benefits are payable to a funeral director or any other person doing business related to burials.
Sub. (2) does not prohibit naming funeral director as beneficiary of life insurance policy in conjunction with separate agreement between insured and funeral director that proceeds will be used for funeral and burial expenses. 71 Atty. Gen. 7.
Purpose of (2) is to prevent monopolistic or unfair trade practices. 76 Atty. Gen. 291.
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