Prearranged and pre-funded funerals Exam 2024 Questions and Answers

Prearranged and pre-funded funerals Exam 2024 Questions and Answers Burial insurance -Answer-This form of insurance is fading fast from the funeral scene. It is life insurance payable in merchandise and service or as a credit toward merchandise and service, with a lesser benefit often payable in cash when the person dies and final disposition occurs outside the service area of the funeral establishment that services that burial association Fixed or guaranteed price -Answer-These synonymous terms indicate that the funeral which has been prearranged and prefunded will be provided whether or not the funds entrusted plus any accrual on them are sufficient to pay for the funeral selected regardless of its price at the time death occurs Funeral insurance -Answer-Life insurance payable in cash to any designated beneficiary for use in any manner chosen, but not necessarily intended to be applied toward funeral expenses Living trust -Answer-You can put property into a living trust while you're still alive. When you die, the property automatically goes to your heirs without going through probate court which can be very time-consuming and expensive.