Exam (elaborations)
Virginia Funeral Law Exam Pt3: Questions & Answers (100% Correct)
- Course
- Institution
Virginia Funeral Law Exam Pt3: Questions & Answers (100% Correct)
[Show more]
Content preview
Virginia Funeral Law Exam Pt3: Questions & Answers (100% Correct)When a potential client inquires about making preneed arrangements, what 2 things must you provide to them? Right Ans - general price list & preneed disclosure Q&A
After the preneed arrangement conference, what must you provide to the client? Right Ans - copy of the preneed contract & funding contract
How can you be sure that your client received their copies of the preneed paperwork? Right Ans - Have them sign an acknowledgment.
True or False: If arrangements were made as a preneed, when the case becomes at need an itemized statement is not required Right Ans - False
Can a licensee charge finance charges on a preneed arrangement? Right Ans - No
If a contract buyer terminates the contract within 30 days, what will they be refunded? Right Ans - Everything paid & any interest
If the preneed was funded through a revocable trust & the buyer terminates the contract after 30 days, what will they be refunded? Right Ans - Everything paid for nonguaranteed items, at least 90% paid for guaranteed items & any interest
When can a preneed funded by an irrevocable trust be terminated? Right Ans - Within 30 days
An irrevocable trust cannot be terminated, but what 2 things can be changed? Right Ans - Contract Provider & Trustee
When a client pays for a preneed with cash or a check, when must the money go into an account? Right Ans - within 5 days
What type of account must funds from a preneed payment be deposited into? Right Ans - Escrow Can a client pay for their preneed with personal property? Right Ans - Yes
Can a client pay for their preneed with real estate? Right Ans - Yes
What happens to the deed when real estate is used to fund a preneed? Right Ans - The preneed contract is recorded as an attachment to the deed & filed in the clerks office.
When a preneed is funded by personal property, what 2 ways can this property be transferred? Right Ans - Actual delivery or transfer of title
Who is responsible to pay the taxes on accrued interest from a preneed trust account? Right Ans - Contract buyer
Can a licensee write a preneed for a funeral home other than their own? Right Ans - Yes, but only with written agreements.
Guaranteed Contract Right Ans - the cost of certain individual items or the cost of the total package will never cost more than contracted
Nonguaranteed Contract Right Ans - the costs may increase or decrease between the time of the agreement & the time of need.
Can a preneed have both guaranteed & nonguaranteed items? Right Ans - Yes
Can preneed funds be used to settle a debt, a bankruptcy or resolve a claim? Right Ans - No
If a client has complaints or concerns about a preneed, who should they contact? Right Ans - The Board
Individual license Renewal fee Right Ans - $225
Establishment license Renewal fee Right Ans - $400
Removal Service registration Renewal fee Right Ans - $300
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Zendaya. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now