Security National Financial Corporation engages in Life Insurance, Cemetery and Mortuary, and Mortgage Loans businesses. Segments Life Insurance segment This segment is engaged 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. Products The company, through Security National Life, issues and distributes selected lines of life insurance and annuities. Its 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. Its other insurance subsidiaries, Memorial Insurance Company of America (Memorial Insurance Company), Southern Security Life Insurance Company, Inc. (Southern Security) and Trans-Western Life Insurance Company (Trans-Western), service and maintain policies that were purchased prior to their acquisition by Security National Life. Markets and Distribution The company is licensed to sell insurance in 38 states. Its funeral plan policies are sold primarily to persons who range in age from 45 to 85 and have low to moderate income. The company sells its life insurance products through direct agents, brokers and independent licensed agents who might also sell insurance products of other companies. The commissions on life insurance products range from approximately 50% to 120% of first year premiums 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 it, which is retained on deposit until such time as the individual might wish to annuitize or surrender the contract for cash. A flexible premium deferred annuity gives the contract holder the right to make premium payments of varying amounts or to make no further premium payments after initial payment. These single and flexible premium deferred annuities could have initial surrender charges. The surrender charges act as a deterrent to individuals who might wish to prematurely surrender their annuity contracts. An immediate annuity is a contract in which the individual remits a sum of money to the company in return for its obligation to pay a series of payments on a periodic basis over a designated period of time, such as an individual's life, or for such other period as might be designated. Markets and Distribution The general market for the company's annuities is middle to older age individuals. A major source of annuity sales come from direct agents and are sold in conjunction with other insurance sales. If an individual does not qualify for a funeral plan, the agent would often sell that individual an annuity to fund final expenses. Accident and Health Products With the acquisition of Capital Investors in 1994, the company acquired a small block of accident and health policies. Since 1999, it has offered a low-cost comprehensive diver's accident policy that provides worldwide coverage for medical expense reimbursement in the event of a diving accident. Markets and Distribution The company markets its diver's accident policies through the Internet. Reinsurance The primary purpose of reinsurance is to enable an insurance company to issue an insurance policy in an amount larger than the risk the company is willing to assume for itself. It remains obligated for the amounts reinsured (ceded) in the event the reinsurers do not meet their obligations. The company cedes and assumes certain risks with various authorized unaffiliated reinsurers pursuant to reinsurance treaties, which are generally renewed annually. The premiums paid by it are based on various factors, including the age of the insured and the risk ceded to the reinsurer. Cemetery and Mortuary Products Through its cemeter
security natl finl corp-cl a
5300 South 360 West
Salt Lake City, UT 84123
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