75-63-63 - Revocation clause in contract; substitute provider. - Mississippi Statutes

§ 75-63-63. Revocation clause in contract; substitute provider.
 

If the preneed contract contains a revocation clause, the contract insured or his representatives may name a substitute provider for the preneed contract at any time prior to the performance of the contract. The naming of the substitute provider shall be in writing. If the preneed contract is funded by trust, the notice of substitution shall be made in writing to the trustee and the Secretary of State. If the preneed contract is funded by insurance, the change of beneficiary shall be made in writing to the insurance company. Upon receipt of the notice of substitute provider, the original provider shall be relieved of all obligations to perform the contract including all obligations of reporting and accounting, and the substitute provider shall assume all obligations to perform the contract including all obligations of reporting and accounting. 
 

Sources: Laws, 2001, ch. 513, § 7, eff from and after Jan. 1, 2002.