Preneed Exam Questions and Answers 2024

Preneed Exam Questions and Answers 2024 Top 3 Benefits to the Family -Answer-1. Spare family of unnecessary concern 2. Assure personal wishes are reflected in the service 3. Financial advantage Benefits to the Funeral Home -Answer-Secure market share Habit Loyalty Grow market share Reflects full service to the community Helps cash flow when death occurs Capture lost dollars Reducing assets to be eligible for benefits -Answer-Medicaid spend-down The only kind of contracts that are exempt contracts for Medicaid Spend-down -Answer- Irrevocable funeral contracts Habit -Answer-A recurrent, often unconscious pattern of behavior that is acquired through frequent repetition Loyalty -Answer-steadfast allegiance to something, faithful to a custom, cause or duty Advantages of funeral insurance -Answer-Availability Affordability Consumer acceptance Inflation rate for funeral homes -Answer-1.75-2% per year Most important factor to funeral home owners -Answer-Growth Single Pay -Answer-When a family writes a check for the full amount of the policy Incentives to pay : face amount bump Multi-pay plans -Answer-the family will choose a payment plan in which they will make payments Drawback: insurance will cost more over time Funeral insurance company based in Des Moines, IA Strictly a funeral insurance provider -Answer-Homesteaders breakout factor when comparing the key funeral insurance providers -Answer-level of marketing support offered Trotten Trust -Answer-Payable on death (POD) account T/F: Commissions are paid on the creation of trusts. -Answer-False. T/F: Trusts are considered supplemental income -Answer-True Most people do not attend or arrange a funeral often enough to really perceive a difference between one funeral home and the next. Therefore it is important to: a. Educate them on the value of your funeral home b. explain the importance of meaningful memorialization c. offer them options and choices when planning a funeral d. all of the above -Answer-d. all of the above These documents need NOT be given to a family for retention in a pre-need setting: I. casket price list II. GPL III. Statement of Goods and Services selected IV. Outer burial container price list -Answer-I and IV only An increase to the face amount of a funeral insurance policy as a result of a single pay is referred to as -Answer-a face amount bump By definition, this is part of the structure, form, or appearance of merchandise -Answer-feature Which of the following pre-need lead types help a funeral home grow market share? a. Post service follow-up b. Contracting families previously served c. Group presentations d. Providing a service evaluation form following the funeral service -Answer-c. Group presentations The type of funeral insurance policy that is based on age and does not require health questions to qualify for coverage is referr