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Virginia Funeral Director/Embalmer laws - PRENEED questions 2024/2025 graded A+ by experts
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Virginia Funeral Director/Embalmer laws - PRENEED questions 2024/2025 graded A+ by experts
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Virginia Funeral Director/Embalmer laws- PRENEED questions
Can a licensee solicit any preneed through in-person communication, his agents, assistants, or
employees? - ANSNo
Who initiates the discussion of preneed? - ANSThe contract buyer or interested consumer
How long shall the contracts and reporting documents be retained on the premises for? - ANS1
year after the death of the contract beneficiary
What type of order do all preneed contracts have to be in? - ANSChronological or alphabetical
What information MUST be included with each preneed contract record? - ANSName of contract
buyer, name of contract beneficiary, date of contract, how the contract was funded, whether up
to 10% of funds are retained by the contract provider for contracts funded through trust, whether
funeral goods and supplies are stored for the contract buyer.
What items must the contract contain? - ANSThe date of the contract, whether or not the price
of the supplies and services purchased is guaranteed, the appointee agreement when
applicable and signatures of the contract seller and the contract buyer.
What does the funeral director need to give each person who inquires about a preneed
arrangement? - ANSGPL and preneed disclosure questions and answers.
What does the funeral director need to give each person who makes a preneed arrangement? -
ANSA copy of the preneed contract, a funding contract, and an itemized statement of funeral
goods.
Can a licensee charge finance charges on a preneed arrangement? - ANSNo
When can a person who makes payment under the contract terminate the agreement? -
ANSAnytime, prior to the time for which the services or supplies are furnished.
How long does the buyer have to terminate the contract in order to receive a full refund? -
ANS30 days
If the contract buyer terminates the contract within 30 days of the execution of the contract, the
contract buyer shall be refunded _________. - ANSAll consideration paid or delivered and any
interest or income accrued on it.
, If the contract buyer uses a revocable trust as the funding source and terminates the contract
after 30 days of the execution of the contract, the buyer shall be refunded ___________. -
ANSAll consideration paid or delivered on non-guaranteed items, at least 90% of all
consideration paid for guaranteed items; and all interest or income accrued on it.
If the contract buyer uses an irrevocable trust as the funding source, can they cancel the trust
after 30 days? - ANSNo, they're not able to cancel after 30 days.
The contract buyer shall have the right to change the _________________ and the
________________ at any time prior to the furnishings of the services or supplies contracted
under the preneed. - ANSContract provider and Trustee
Within 5 banking days, any money from the contract buyer given to the contract seller shall be
deposited into an approved ________ account in a bank. - ANSEscrow
When the funds consist in whole or in part of any real estate, what needs to occur? - ANS1) The
preneed contract shall be recorded as an attachment to the deed whereby the real estate is
conveyed. 2) The deed shall be recorded in the clerk's office in the circuit court of the city or
county in which the real estate being conveyed is located.
When the funds consist in whole or in part of any personal property, what needs to occur? -
ANS1) The personal property must be transferred by the actual delivery or transfer of the title. 2)
Within 30 days of receiving the personal property or the title of the personal property, the
licensee or person delivering the property shall execute a written declaration of trust setting forth
the terms and funds upon which the personal property is being delivered; record the trust
agreement in the clerk's office of the circuit court of the locality in which the person delivering
the property is living OR record the preneed contract in the clerk's office in the court where the
person delivering the property is living provided that the preneed contract sets forth the terms
and funds of the trust.
If funds are to be trusted, the trust account is to be established in accordance to the Code of
Virginia and the following information shall be disclosed in WRITING to the buyer: - ANS1)The
amount to be trusted 2)the name of the trustee 3)the disposition of the interest 4)the fees,
expenses and taxes which may be deducted from the interest 5)whether up to 10% is retained
by the contract provider 6) A statement of the contract buyer's responsibility for taxes owed on
the interest.
If life insurance or annuity policy is used to fund the preneed funeral contract, the contract shall
be in compliance to the Code of Virginia and shall contain the following information: - ANS1)
Name of the contract provider 2) Name of the funeral license number of contract seller 3) Place
of employment of contract seller 4) Name of insurance agent and agent's insurance license
number 5) Insurance agent's employer and insurance company represented by insurance agent
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