VA LRR – Preneed (Virginia Laws, Rules & Regulations Exam For Funeral Directors And Embalmers)-Q&A
10% of funds may be retained by the contract provider when the contract is funded by a _____account. Right Ans - trust
Contract providers, i.e. funeral homes, must keep a listing of all preneed contracts in ______________ OR _______________ order. Right Ans - chronological; alphabetical
The funeral home's listing of preneed contracts shall include these 6 things: Right Ans - 1. name of the contract buyer
2. name of the contract beneficiary
3. date the contract was made
4. how the contract was funded, where the contract was funded, and where the funds are maintained
5. whether or not up to 10% of funds are retained by the contract provider, if funded through a trust account
6. whether funeral goods and supplies are stored for the contract buyer
If a contract provider that sells preneed discontinues its business operations, by closure or by change in ownership, who must be notified in writing? (2 answers) Right Ans - 1. The VA Board of Funeral Directors and Embalmers
2. each existing contract buyer
A closing firm must provide the Board with a _______________ at the time of closure. (5 words) Right Ans - current list of preneed contracts
If a firm changes ownership, and the new firm _________ (does/does not) intend
to honor existing contracts, it must notify its preneed contract buyers within _______ days of the change in ownership via a publication of general circulation.
Right Ans - does; 90
If a firm changes ownership, and the new firm _________ (does/does not) intend
to honor existing contracts, it must notify its preneed contract buyers within _______ days of the change in ownership individually in writing. Right Ans - does not; 90
10% of funds may be retained by the contract provider when the contract is funded by a _____account. Right Ans - trust
Contract providers, i.e. funeral homes, must keep a listing of all preneed contracts in ______________ OR _______________ order. Right Ans - chronological; alphabetical
The funeral home's listing of preneed contracts shall include these 6 things: Right Ans - 1. name of the contract buyer
2. name of the contract beneficiary
3. date the contract was made
4. how the contract was funded, where the contract was funded, and where the funds are maintained
5. whether or not up to 10% of funds are retained by the contract provider, if funded through a trust account
6. whether funeral goods and supplies are stored for the contract buyer
If a contract provider that sells preneed discontinues its business operations, by closure or by change in ownership, who must be notified in writing? (2 answers) Right Ans - 1. The VA Board of Funeral Directors and Embalmers
2. each existing contract buyer
A closing firm must provide the Board with a _______________ at the time of closure. (5 words) Right Ans - current list of preneed contracts
If a firm changes ownership, and the new firm _________ (does/does not) intend
to honor existing contracts, it must notify its preneed contract buyers within _______ days of the change in ownership via a publication of general circulation.
Right Ans - does; 90
If a firm changes ownership, and the new firm _________ (does/does not) intend
to honor existing contracts, it must notify its preneed contract buyers within _______ days of the change in ownership individually in writing. Right Ans - does not; 90
