Exam (elaborations)
VA LRR - PRENEED QUESTIONS AND ANSWERS 2024
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VA LRR - PRENEED QUESTIONS AND ANSWERS 2024
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VA LRR - PRENEEDIf the preneed funds are to be trusted, the following 6 pieces of information shall
be disclosed in writing to the contract buyer: - ANSWERS-1. the amount to be
trusted
2. name of the trustee
3. disposition of the interest
4. 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 the preneed funds come from a life insurance or annuity policy, the contract
shall contain the following 6 piece of information: - ANSWERS-1. name of the
contract provider
2. name and funeral license number of contract seller
3. place of employment of contract seller
4. name and license number of insurance agent
5. insurance agent's employer and company they represent
6. identification as to whether the insurance agent is a funeral service licensee,
and if so, their license number
, If the contract seller will NOT be responsible for furnishing the _________ and
________ to the contract buyer, the seller shall attach to the preneed funeral
contract a copy of the contract seller's agreement with the contract provider. -
ANSWERS-supplies; services
If any funeral supplies are sold and delivered to the contract provider prior to the
death of the beneficiary, the risk of ______ or ________ shall be upon the
contract provider during such period of storage. - ANSWERS-loss; damage
If the funeral supplies and services specified int he contract are unavailable at the
time of delivery, the contract provider shall be required to furnish supplies and
services similar in _________ and at least _________ in quality of material and
workmanship. The representative of the deceased shall have the right to choose
supplies or services to be substituted. - ANSWERS-style; equal
10% of funds may be retained by the contract provider when the contract is
funded by a _____account. - ANSWERS-trust
Contract providers, i.e. funeral homes, must keep a listing of all preneed contracts
in ______________ OR _______________ order. - ANSWERS-chronological;
alphabetical
The funeral home's listing of preneed contracts shall include these 6 things: -
ANSWERS-1. name of the contract buyer
2. name of the contract beneficiary
3. date the contract was made
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