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Contracts Funded by Insurance | 12 Months Ended
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Dec. 31, 2024
Contracts Secured by Insurance [Abstract] |
CONTRACTS FUNDED BY INSURANCE | CONTRACTS FUNDED BY INSURANCE When preneed funeral contracts are funded through third-party insurance policies, we earn a commission on the sale of the policies, which are recorded in Other revenue. These insurance commissions are subject to refund (charge-back) if the preneed policy is cancelled within a year or if there is an imminent death of beneficiary before the first year anniversary of the policy. Approximately 10% of our preneed funeral contracts are cancelled before the first year anniversary of the policy. As such, we recognize 90% of our commissions revenue at the time that it is earned. Based on our historical cancellation rate, we defer 10% of the commissions revenue earned for twelve months until the commission is no longer subject to refund. All selling costs incurred pursuant to the sale of the insurance funded preneed contracts are expensed as incurred. Additionally, during the year ended December 31, 2023, we received a $6.0 million incentive payment from a vendor for entering into a strategic partnership agreement to market and sell prearranged funeral services in the future, which increased our cash flow from operations and Deferred preneed funeral revenue. The incentive payment is subject to partial claw-back if certain preneed funeral sales volumes are not met within the ten-year term of the agreement. As such, we recognize the incentive payment in proportion to our achieved preneed funeral sales volume, net of cancellations, at each reporting period. In each of the years ended December 31, 2024 and 2023, we recognized $0.2 million of the incentive payment as Other revenue. Generally, at the time of the sale of either the preneed insurance or preneed trust contract, the intent is that the beneficiary has made a commitment to assign the proceeds to us for the fulfillment of the service and merchandise obligations on the preneed contract at the time of need. However, this commitment is generally revocable and the proceeds from the policy are portable, so the customer can choose to use an alternative provider at the time of need. Preneed funeral contracts to be funded at maturity by third-party insurance policies totaled $421.3 million and $434.9 million at December 31, 2024 and 2023, respectively, and are not recorded as assets or liabilities on our Consolidated Balance Sheets.

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- Definition CONTRACTS SECURED BY INSURANCE + References No definition available. + Details
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- Definition Tabular disclosure of preneed funeral contracts that are secured by life insurance contracts. Disclosure details include total amount of contracts secured by insurance, which are not included on the Company's Consolidated Balance Sheets. + References No definition available. + Details
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