TX Preneed Funeral Exam Review 2024 Questions and Answers (Graded A)

TX Preneed Funeral Exam Review 2024 Questions and Answers (Graded A) Maximum about of prearranged funeral contract -Answer-Unlimited (just needs to match the Goods & Services What is required of your supervisor? -Answer-Neither years of experience or to be a legal reserve life agent What can cause an agent 's license to be revoked? -Answer-If agent fails to renew the license What is included in agent's renewal? -Answer-Completed application & Renewal Fee What does GPL stand for? -Answer-General Price List What does GPL include? -Answer-*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? -Answer-No What is required of the GPL? -Answer-Disclosures for the GPL must use the idéntical wording given in the FTC Funeral Rule. What does GPL must disclose about cremation? -Answer-That there are alternative containers available for cremation How does the General Price List work? -Answer-must price each ítem or Service separately For how Long GPL should be kept on file? -Answer-For 1 year after distribution to a customer What can not be declined by the purchaser in the GPL? -Answer-the Basic services Misrepresentation -Answer-A false statement or lie that is unlawful & unethical hoping to induce that customer make a purchase unfair trade practices -Answer-laws that prohibit wholesalers and retailers from selling below cost. Neglecting to share or omiting a material fact. Types of Authority -Answer-Expressed (is written), implied (is unwritten), & apparent (obvious) What should be given to purchaser at time of sale? -Answer-Facts of funeral pamphlet If an Agent sells a preneed contract to someone that cant afford it, what can happen? -Answer- the funeral home can lose its business Agent -Answer-is a representative Law of Agency -Answer-The law that governs the relationship between a principal or company (insurer) and his or her agent. the summary of a life Insurance -Answer-is a summary of the policy benefits & costs Hypothetical illustration -Answer-it is permisible to show a Client an illustration of the policy results misleading title -Answer-can not be used in an advertisement TX DOB -Answer-Approves prepaid funeral benefits contracts Same life expectancy individuals -Answer-must be charged the same insurance rates Rebating -Answer-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 -Answer-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 -Answer-premium payable to age 100 Reduced Paid-Up Insurance -Answer-- 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 Reduced Paid-Up -Answer-policyowner May surrender whole life policy for léase amt of permanent insurance coverag