As used in this part:

1. (1) “Funeral expense insurance” means that form of life insurance as defined in Arkansas Code § 23-62-102, which provides benefits for expenses incurred in connection with the death of the insured and which does not exceed twenty-five thousand dollars ($25,000), and which term includes deferred annuities that do not exceed total premiums of twenty-five thousand dollars ($25,000) for the same purposes, excluding variable annuities; and

2. (2) “Insurer” means any authorized:

   1. (A) Life insurer;
   2. (B) Fraternal benefit society;
   3. (C) Stipulated premium insurer; or
   4. (D) Mutual assessment life insurer.