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Providing that purchasers of contracts for prepaid funeral benefits shall constitute a lawful group for the issuance of a group contract of decreasing term life insurance by a life insurance company authorized to do business in the State of Texas; providing that the amount to insurance relative to any particular purchaser of such contract shall at all times approximate the future unpaid balance thereof; providing that the seller shall have an insurable interest in the life of any purchaser of such contract to the extent of any unpaid balance thereof; providing that the proceeds of any insurance policy received by the seller on the life of a purchaser of such contract shall be applied to the reduction of elimination of any unpaid balance thereof; excepting from coverage of this Act contracts covered in Section 1a of said Article; providing for severability; providing that all laws or parts of law which are in conflict with this Act are repealed or modified to the extent of such conflict only.