Texas Funeral Prearrangement Life License Study Guide Latest Updated

A __________ does not need to be supervised by anyone. - ANSWER-funeral prearrangement life insurance agent Effective September 2011, a Funeral Prearrangement Life licensed agent may write a policy for an amount that matches the __________. There no longer a limit of __________. - ANSWER-Funeral Benefits Contract; $15,000 The funeral prearrangement agent must submit a __________ for each two-year renewal period. - ANSWER-renewal form and fee When an application is denied (other than failing the test), you must wait __________ before reapplying. - ANSWER-60 months Your license could be suspended or revoked if __________. - ANSWER-you fail to send in (remit) premium payments The general price list must be offered when? - ANSWER-at the beginning of the sales presentation The __________ must be given to a consumer to keep. - ANSWER-general price list (GPL) The General Price List must include: - ANSWER-- The funeral home name and address - The effective date of the list - The exact title "General Price List" The General Price List must use the identical wording given in the __________. - ANSWER-Federal Trade Commission (FTC) Funeral Rule Under what circumstance must the seller disclose that embalming is optional? - ANSWER-when the burial is immediate The GPL (General Price List) must disclose _________. - ANSWER-the availability of alternative containers for cremation The GPL must price __________. - ANSWER-each item or service separately On the GPL, the __________ cannot be declined by the purchaser. - ANSWER-basic services of the funeral director The FTC Funeral Rule prohibits funeral providers from requiring the purchase of a ___________ for direct cremation. - ANSWER-casket A funeral home must keep a copy of the GPL distributed to a consumer on file for how long? - ANSWER-one year The __________ must approve all funeral contract forms. - ANSWER-Texas Department of Banking __________ must be provided to the purchaser within 30 days. - ANSWER-A copy of the signed funeral contract __________ must be sent to the insurance company within 30 days. - ANSWER-Premiums collected for insurance policies for funerals A __________ may be canceled if they fail to provide premium remittance evidence requested by the Banking Department. - ANSWER-seller's permit (NGL's permit) The __________ is NOT needed when the prearrangement is purchased at the funeral home. - ANSWER-Federal Waiver of Cancellation Form The __________ from the Texas Funeral Service Commission SHOULD be given to the consumer at the time of sale. - ANSWER-"Fact about Funerals" pamphlet Selling a funeral prearrangement contract to someone who cannot afford it can result often in __________. - ANSWER-loss of business to the funeral home The __________ cannot be questioned if the insurance company accepts the application from the proposed insured. - ANSWER-applicant's health The purchaser of prepaid funeral benefits contract may be given the option to irrevocably waive the __________. - ANSWER-purchaser's right to cancel the contract Failure to describe fully the goods and services of the contract may result in: - ANSWER-- Harm to the agent's relationship with the funeral home - Return of contract for correction - Stress and confusion to the family In insurance, under the law of agency, the insurer is __________. - ANSWER-bound by the acts of its agents Allowing an agent to collect premiums on behalf of the insurance company, even though it is not listed in the agent's contract with the insurer, is considered __________. - ANSWER-"implied" authority Implied authority of insurance agents is ___________. - ANSWER-unwritten