VA LRR - Preneed EXAM Questions and Answers (Verified Answers) Study
Guide (latest version verified for accuracy) | Latest!!
10% of funds may be retained by the contract provider when the contract is funded by a _____account.
- (answer)trust
Contract providers, i.e. funeral homes, must keep a listing of all preneed contracts in ______________
OR _______________ order. - (answer)chronological; alphabetical
The funeral home's listing of preneed contracts shall include these 6 things: - (answer)1. name of the
contract buyer
2. name of the contract beneficiary
3. date the contract was made
4. how the contract was funded, where the contract was funded, and where the funds are maintained
5. whether or not up to 10% of funds are retained by the contract provider, if funded through a trust
account
6. whether funeral goods and supplies are stored for the contract buyer
If a contract provider that sells preneed discontinues its business operations, by closure or by change in
ownership, who must be notified in writing? (2 answers) - (answer)1. The VA Board of Funeral Directors
and Embalmers
2. each existing contract buyer
A closing firm must provide the Board with a _______________ at the time of closure. (5 words) -
(answer)current list of preneed contracts
If a firm changes ownership, and the new firm _________ (does/does not) intend to honor existing
contracts, it must notify its preneed contract buyers within _______ days of the change in ownership via
a publication of general circulation. - (answer)does; 90
, VA LRR - Preneed EXAM Questions and Answers (Verified Answers) Study
Guide (latest version verified for accuracy) | Latest!!
If a firm changes ownership, and the new firm _________ (does/does not) intend to honor existing
contracts, it must notify its preneed contract buyers within _______ days of the change in ownership
individually in writing. - (answer)does not; 90
A preneed contract needs to contain the following 4 things: - (answer)1. date of the contract
2. whether or not the price of supplies and services purchased is guaranteed
3. the appointee agreement, if applicable
4. signatures of the contract seller and the contract buyer
If a/an _________________________ (2 words) has been signed, it shall be attached to the preneed
contract as a valid part of the contract. - (answer)appointee agreement
At the time of preneed inquiry, licensees must provide what two things to the prospective consumer? -
(answer)1. a copy of the general price list
2. preneed disclosure questions and answers
Must the licensee furnish the consumer with an itemized statement of goods and services at the time of
need if the arrangements were made through a preneed contract? (yes/no) - (answer)yes
May a licensee charge finance charges on a preneed arrangement? (yes/no) - (answer)no
A person who makes payment on a preneed contract may terminate the agreement when? - (answer)at
any time prior to at-need
If the contract buyer terminates the contract within ___ days of its execution, the contract buyer shall
be refunded all consideration paid or delivered and any interest or income accrued on it. - (answer)30
Guide (latest version verified for accuracy) | Latest!!
10% of funds may be retained by the contract provider when the contract is funded by a _____account.
- (answer)trust
Contract providers, i.e. funeral homes, must keep a listing of all preneed contracts in ______________
OR _______________ order. - (answer)chronological; alphabetical
The funeral home's listing of preneed contracts shall include these 6 things: - (answer)1. name of the
contract buyer
2. name of the contract beneficiary
3. date the contract was made
4. how the contract was funded, where the contract was funded, and where the funds are maintained
5. whether or not up to 10% of funds are retained by the contract provider, if funded through a trust
account
6. whether funeral goods and supplies are stored for the contract buyer
If a contract provider that sells preneed discontinues its business operations, by closure or by change in
ownership, who must be notified in writing? (2 answers) - (answer)1. The VA Board of Funeral Directors
and Embalmers
2. each existing contract buyer
A closing firm must provide the Board with a _______________ at the time of closure. (5 words) -
(answer)current list of preneed contracts
If a firm changes ownership, and the new firm _________ (does/does not) intend to honor existing
contracts, it must notify its preneed contract buyers within _______ days of the change in ownership via
a publication of general circulation. - (answer)does; 90
, VA LRR - Preneed EXAM Questions and Answers (Verified Answers) Study
Guide (latest version verified for accuracy) | Latest!!
If a firm changes ownership, and the new firm _________ (does/does not) intend to honor existing
contracts, it must notify its preneed contract buyers within _______ days of the change in ownership
individually in writing. - (answer)does not; 90
A preneed contract needs to contain the following 4 things: - (answer)1. date of the contract
2. whether or not the price of supplies and services purchased is guaranteed
3. the appointee agreement, if applicable
4. signatures of the contract seller and the contract buyer
If a/an _________________________ (2 words) has been signed, it shall be attached to the preneed
contract as a valid part of the contract. - (answer)appointee agreement
At the time of preneed inquiry, licensees must provide what two things to the prospective consumer? -
(answer)1. a copy of the general price list
2. preneed disclosure questions and answers
Must the licensee furnish the consumer with an itemized statement of goods and services at the time of
need if the arrangements were made through a preneed contract? (yes/no) - (answer)yes
May a licensee charge finance charges on a preneed arrangement? (yes/no) - (answer)no
A person who makes payment on a preneed contract may terminate the agreement when? - (answer)at
any time prior to at-need
If the contract buyer terminates the contract within ___ days of its execution, the contract buyer shall
be refunded all consideration paid or delivered and any interest or income accrued on it. - (answer)30
