Prepaid Funeral Statute Exam with complete solutions

What is the maximum amount of money a person can deposit in a prepaid funeral trust account? non-guaranteed: $20,000 ; guaranteed: no limit What percentage of prepaid trust funds may a funeral director withhold and at what time may he withhold them? 10% ; when funds are collected What state official regulates prepaid funerals? insurance commissioner What percentage of all prepaid funeral monies must be placed in trust? non-guaranteed: 100% ; guaranteed: 90% When must funds collected for prepaid funerals be deposited by an authorized funeral home into its prepaid funeral account, and within what time period? within 10 days after the collection of the funds What is the minimum dollar amount needed to establish a prepaid funeral account? $25 Annual reports for prepaid funeral accounts must be filed by what date? March 15 What percentage of outer enclosure prepaid contract sales must be placed in a trust? 65%