
LU 7 ML Pre-Need Funeral Contracts Quiz
Authored by Meg Dunn
Social Studies
University

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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who regulates Pre-Need Funeral Contracts?
Federal Trade Commission (FTC)
Individual States
Department of Health
Social Security Administration
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between Revocable and Irrevocable Pre-Need Contracts?
Revocable contracts cannot be canceled
Irrevocable contracts can be refunded at any time
Revocable contracts can be canceled and refunded
Irrevocable contracts are not deposited in financial institutions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the funds in an Irrevocable Pre-Need Contract?
They can be used for any purpose
They must remain until the time of death
They can be withdrawn anytime
They are invested in stocks
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is refunded in some states when an Irrevocable Pre-Need contract is refunded?
Only the original amount minus interest
The full amount plus all interest
Only the interest
The full amount minus a service charge
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the FTC NOT regulate?
Pre-Need Funeral Contracts
Consumer product safety
Advertising practices
Antitrust laws
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of funds in an Irrevocable Pre-Need Contract?
To pay for travel expenses
To be used only for the funeral
To invest in real estate
To cover medical bills
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "Pre-Need" refer to in funeral contracts?
Contracts made after death
Contracts made before death
Contracts made during a funeral
Contracts made for weddings
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