Security National Financial Corporation engages in life insurance, cemetery and mortuary, and mortgage loans businesses. Segments Life Insurance segment This segment engages in the business of selling and servicing selected lines of life insurance, annuity products, and accident and health insurance. These products are marketed in 38 states through a commissioned sales force of independent licensed insurance agents who might also sell insurance products of other companies. Life Insurance Products The company, through Security National Life, issues and distributes selected lines of life insurance and annuities. The company’s life insurance business includes funeral plans and interest-sensitive life insurance, as well as other traditional life, accident and health insurance products. The company places specific marketing emphasis on funeral plans through pre-need planning. The company’s other insurance subsidiaries include Memorial Insurance Company of America, Southern Security Life Insurance Company of Mississippi, and Trans-Western Life Insurance Company. Markets and Distribution: A majority of the company’s funeral plan premiums come from the states of Arkansas, California, Georgia, Louisiana, Mississippi, Missouri, Texas, and Utah. The company sells its life insurance products through direct agents, brokers, and independent licensed agents who might sell insurance products of other companies. Annuities Products The company’s annuity business includes single premium deferred annuities, flexible premium deferred annuities and immediate annuities. A single premium deferred annuity is a contract where the individual remits a sum of money to the company, which is retained on deposit until such time as the individual might wish to annuitize or surrender the contract for cash. Markets and Distribution: The general market for the company’s annuities is middle to older age individuals who wish to save or invest their money in a tax-deferred environment. Annuities are also sold in conjunction with other insurance sales. Accident and Health Products With the acquisition of Capital Investors, the company owns a block of accident and health policies that pay limited benefits to policyholders. The company offers diver’s accident policies that provide worldwide coverage for medical expense reimbursement in the event of diving accidents. Markets and Distribution: The company markets its diver’s accident policies through the Internet. Cemetery and Mortuary segment This segment consists of seven mortuaries and five cemeteries in the state of Utah and one cemetery in the state of California. The company also engages in pre-need selling of funeral, cemetery, mortuary and cremation services through its Utah and California operations. Majority of the insurance agents also sell pre-need funeral, cemetery and cremation services. Products The company, through its cemetery and mortuary operations, markets various products and services both on a pre-need basis (prior to death) and an at-need basis (at the time of death). The products include plots, interment vaults, mausoleum crypts, markers, caskets, flowers and other death care related products. These services include professional services of funeral directors, opening and closing of graves, use of chapels and viewing rooms, and use of automobiles and clothing. The company has a mortuary at each of its cemeteries, other than Holladay Memorial Park and Singing Hills Memorial Park, and has three separate stand-alone mortuary facilities. Markets and Distribution The company’s pre-need cemetery and mortuary sales are marketed to persons of all ages but are generally purchased by persons 45 years of age and older. The company seeks to sell its cemetery and funeral products to customers on a pre-need basis. The company employs cemetery sales representatives on a commission basis to sell these products. Majority of these pre-need cemetery and mortuary sales representatives are also licensed insurance salesmen and sell funeral plan insurance. Potential customers are located through telephone sales prospecting, responses to letters mailed by the pre planning consultants, newspaper inserts, referrals, and door-to-door canvassing. Mortgage Loan segment This segment originates and underwrites or otherwise purchases residential and commercial loans for new construction, existing homes and real estate projects. This segment operates through 123 wholesale and retail offices in 23 states, and is an approved mortgage lender in various other states. Products The company, through its wholly owned subsidiaries, SecurityNational Mortgage Company and Green Street Mortgage Services, Inc., is active in the residential real estate market. Both mortgage subsidiaries are approved and regulated by the U.S. Department of Housing and Urban Development, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and other secondary market investors, to originate various residential mortgage loan products, which are subsequently sold to investors. The company uses internal and external funding sources to fund mortgage loans. Security National Life originates commercial real estate loans, residential construction loans, and land development loans for internal investment. Markets and Distribution The company’s residential mortgage lending services are marketed primarily to real estate brokers and mortgage originators. The company has a retail origination presence in the Utah, Florida, Nevada, and Texas markets in addition to three wholesale branch offices located in Florida, Texas, and Utah, with sales representatives in these and other states. Regulation The company’s cemetery and mortuary subsidiaries are subject to the Federal Trade Commission’s comprehensive funeral industry rules and to state regulations in the various states where such operations are domiciled. The company’s mortgage subsidiaries are subject to the rules and regulations of the U.S. Department of Housing and Urban Development, and to various state licensing acts and regulations and the Consumer Finance Protection Bureau. History Security National Financial Corporation was founded in 1965.
security natl finl corp-cl a
(SNFCA:Consolidated Issue listed on NASDAQ Global Market)
5300 South 360 West
Salt Lake City, UT 84123
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To contact SECURITY NATL FINL CORP-CL A, please visit www.securitynational.com. Company data is provided by Capital IQ. Please use this form to report any data issues.