Oklahoma State Law Exam – Funeral Services –
Lecturers Update – A+ Graded Submission –
100% Verified Q&A for Success
The organization may retain what percentage from the first funds collected? - ✔✔10%
What percentage of the retail price of the outer enclosure collected may be retained by the
organization? - ✔✔35%
The funds required to be deposited shall be deposited within how many days after the collection of the
funds and shall be held in a trust fund? - ✔✔within 10 days
Failure to deposit money within 10 days after collection is..? - ✔✔MISDEMEANOR; up to $500 and/or up
to 6 months imprisonment
The provisions of a contract establishing a fund for prepaid funeral benefits requires what initial
minimum deposit? - ✔✔$25
How many days after signing a contract does it become officially irrevocable if the contract was marked
irrevocable? - ✔✔30 days
Each organization shall furnish a bond in the form of what AND in what amount? - ✔✔-cash bond
-letter of credit
-fidelity bond
-$300,000 or 15% of all funds collected, whichever is less
Operating without a permit or with an invalid permit is..? - ✔✔MISDEMEANOR; up to $1,000 fine and/or
not more than 1 year imprisonment
, The maximum amount of principle that an organization may legally receive from any one individual for a
contract establishing a fund for prepaid funeral benefits is what? - ✔✔$20,000
After November 1, 2009, all price lists reflecting the actual cost of funeral services and merchandise
used at the time of the delivery of services shall be retained for a period of at least how many years? -
✔✔6 years
Each organization shall file an annual report with the Insurance Commissioner on or before when? -
✔✔March 15 of each year
Failing to file the Insurance Commissioner report within 30 days after notification by the Insurance
Commissioner is..? - ✔✔MISDEMEANOR
Annually, on or before March 15, and whenever the Insurance Commissioner deems it to be prudent or
necessary, each organization operating one or more prepaid funeral trusts shall have a financial
examination of each trust and related prepaid funeral accounts for the preceding year, prepared by
who? - ✔✔Certified Public Accountant
Any person who deals with the disposal or burial of deceased persons who willfully misquotes
requirements of state law regarding such shall be guilty of..? - ✔✔MISDEMEANOR
Title 21 - ✔✔Crimes and Punishment
Any person who knowingly fails to follow the directions as to the manner in which the body of a person
shall be disposed of is guilty of..? - ✔✔MISDEMEANOR; not more than $5,000 fine
How long does a person have to exercise their right to disposition? - ✔✔within 3 days of notification of
the death of the decedent, or within 5 days of the death of the decedent, whichever is earlier
What forfeits the right of disposition? - ✔✔-any person charged with first or second degree murder or
voluntary manslaughter in connection with the death of the decedent
-person does not exercise the right of disposition within the time frame
Lecturers Update – A+ Graded Submission –
100% Verified Q&A for Success
The organization may retain what percentage from the first funds collected? - ✔✔10%
What percentage of the retail price of the outer enclosure collected may be retained by the
organization? - ✔✔35%
The funds required to be deposited shall be deposited within how many days after the collection of the
funds and shall be held in a trust fund? - ✔✔within 10 days
Failure to deposit money within 10 days after collection is..? - ✔✔MISDEMEANOR; up to $500 and/or up
to 6 months imprisonment
The provisions of a contract establishing a fund for prepaid funeral benefits requires what initial
minimum deposit? - ✔✔$25
How many days after signing a contract does it become officially irrevocable if the contract was marked
irrevocable? - ✔✔30 days
Each organization shall furnish a bond in the form of what AND in what amount? - ✔✔-cash bond
-letter of credit
-fidelity bond
-$300,000 or 15% of all funds collected, whichever is less
Operating without a permit or with an invalid permit is..? - ✔✔MISDEMEANOR; up to $1,000 fine and/or
not more than 1 year imprisonment
, The maximum amount of principle that an organization may legally receive from any one individual for a
contract establishing a fund for prepaid funeral benefits is what? - ✔✔$20,000
After November 1, 2009, all price lists reflecting the actual cost of funeral services and merchandise
used at the time of the delivery of services shall be retained for a period of at least how many years? -
✔✔6 years
Each organization shall file an annual report with the Insurance Commissioner on or before when? -
✔✔March 15 of each year
Failing to file the Insurance Commissioner report within 30 days after notification by the Insurance
Commissioner is..? - ✔✔MISDEMEANOR
Annually, on or before March 15, and whenever the Insurance Commissioner deems it to be prudent or
necessary, each organization operating one or more prepaid funeral trusts shall have a financial
examination of each trust and related prepaid funeral accounts for the preceding year, prepared by
who? - ✔✔Certified Public Accountant
Any person who deals with the disposal or burial of deceased persons who willfully misquotes
requirements of state law regarding such shall be guilty of..? - ✔✔MISDEMEANOR
Title 21 - ✔✔Crimes and Punishment
Any person who knowingly fails to follow the directions as to the manner in which the body of a person
shall be disposed of is guilty of..? - ✔✔MISDEMEANOR; not more than $5,000 fine
How long does a person have to exercise their right to disposition? - ✔✔within 3 days of notification of
the death of the decedent, or within 5 days of the death of the decedent, whichever is earlier
What forfeits the right of disposition? - ✔✔-any person charged with first or second degree murder or
voluntary manslaughter in connection with the death of the decedent
-person does not exercise the right of disposition within the time frame
