Pre-need Funeral Contracts (Ch. 10) with correct answers rated A+

Pre-need Funeral Contracts (Ch. 10) Preneed Funeral contracts - correct answer Refer to contracts entered into between members of the public and funeral homes to provide for funeral goods and services in the future upon the death of the contract beneficiary. Insurance policy - correct answer The purchaser of the preneed contract typically prefunds the contract either through a payment made to the funeral home at the time the contract is entered into or by the purchase of an _____ _____ upon the life of the contract beneficiary Guaranteed, Non-guaranteed - correct answer Preneed contracts may be _____ or ____ Guaranteed contract - correct answer The funeral home grantees to the purchases that the price of the funeral to be provided in the future will NOT exceed the amount of funds paid on the contract plus any accruals thereon Non Guranteed contract - correct answer The funeral home is only agreeing that amounts paid on the contract, plus accruals, will be applied toward the price of the future funeral. The purchases or decendent will have to makeup the balance. Revocable - correct answer Preneed contracts which are ____ may be terminated by the purchaser at anytime prior to death of the beneficiary. Accruals - correct answer If contracts are revocable, the purchases will receive all or some parts of the funds paid on the contracts, plus all or some ______ thereon Irrevocable - correct answer If the contract is ____ the purchases may NOT cancel it Two-Thirds - correct answer In how many states allow the purchaser the unconditional right the transfer an irrevocable preneed contract to another FH?