TX Preneed Funeral Exam Review|2023 LATEST UPDATE|GUARANTEED SUCCESS

Maximum about of prearranged funeral contract Unlimited (just needs to match the Goods & Services What is required of your supervisor? Neither years of experience or to be a legal reserve life agent What can cause an agent 's license to be revoked? If agent fails to renew the license What is included in agent's renewal? Completed application & Renewal Fee What does GPL stand for? General Price List What does GPL include? *Title in bold & all caps *Provider's name, Address & phone *Effective date *Seller's Permit is not required Does the Client need to return the GPL? No What is required of the GPL? Disclosures for the GPL must use the idéntical wording given in the FTC Funeral Rule. What does GPL must disclose about cremation? That there are alternative containers available for cremation How does the General Price List work? must price each ítem or Service separately For how Long GPL should be kept on file? For 1 year after distribution to a customer What can not be declined by the purchaser in the GPL? the Basic services Misrepresentation A false statement or lie that is unlawful & unethical hoping to induce that customer make a purchase unfair trade practices laws that prohibit wholesalers and retailers from selling below cost. Neglecting to share or omiting a material fact. Types of Authority Expressed (is written), implied (is unwritten), & apparent (obvious) What should be given to purchaser at time of sale? Facts of funeral pamphlet If an Agent sells a preneed contract to someone that cant afford it, what can happen? the funeral home can lose its business Agent is a representative Law of Agency The law that governs the relationship between a principal or company (insurer) and his or her agent. the summary of a life Insurance is a summary of the policy benefits & costs Hypothetical illustration it is permisible to show a Client an illustration of the policy results misleading title can not be used in an advertisement TX DOB Approves prepaid funeral benefits contracts Same life expectancy individuals must be charged the same insurance rates Rebating giving an individual a premium reduction or some other financial advantage not stated in the policy as an inducement to purchase the policy. It is illegal. whole life insurance Insurance that is kept in force for a person's entire life and pays a benefit upon the person's death, whenever that may be Up to 100 years continuos premium whole life premium payable to age 100 Reduced Paid-Up Insurance - the policyowner may request the cash value of the policy to be used to pay for itself. - It's the same type of insurance as the original policy except all riders, including those for disability and accidental death