Pre-Need Funeral Contracts Flashcard

Front

Who regulates Pre-Need Funeral Contracts?

Back

Individual States

Front

What is the difference between Revocable and Irrevocable Pre-Need Contracts?

Back

Revocable contracts can be canceled and refunded.

Front

What happens to the funds in an Irrevocable Pre-Need Contract?

Back

They must remain until the time of death

Front

What is refunded in some states when an Irrevocable Pre-Need contract is refunded?

Back

Only the original amount minus interest

Front

What does the FTC NOT regulate? Pre-Need Funeral Contracts, Consumer product safety, Advertising practices, Antitrust laws

Back

Pre-Need Funeral Contracts

Front

What is the purpose of funds in an Irrevocable Pre-Need Contract?

Back

To be used only for the funeral

Front

What does the term "Pre-Need" refer to in funeral contracts?

Back

Contracts made before death

Front

What is a key feature of a Revocable Pre-Need Contract?

Back

It can be canceled at any time

Front

What is the role of individual states in Pre-Need Funeral Contracts?

Back

They regulate the contracts

Front

Which of the following is an example of Cash Advancements?
Options: Funeral home staff salaries, Cemetery grave opening charges, Funeral home maintenance, Casket purchase

Back

Cemetery grave opening charges