VA LRR Exam COMPLETE NEWEST 200 QUESTIONS AND VERIFIED SOLUTIONS LATEST UPDATE THIS YEAR

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VA LRR Exam COMPLETE NEWEST 200

QUESTIONS AND VERIFIED SOLUTIONS

LATEST UPDATE THIS YEAR

QUESTION: 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. - ANSWER-does not; 90




QUESTION: A preneed contract needs to contain the following 4 things: - ANSWER-1. date of

the contract


2. whether or not the price of supplies and services purchased is guaranteed


3. the appointee agreement, if applicable


4. signatures of the contract seller and the contract buyer




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QUESTION: If a/an _________________________ (2 words) has been signed, it shall be

attached to the preneed contract as a valid part of the contract. - ANSWER-appointee

agreement




QUESTION: At the time of preneed inquiry, licensees must provide what two things to the

prospective consumer? - ANSWER-1. a copy of the general price list


2. preneed disclosure questions and answers




QUESTION: Must the licensee furnish the consumer with an itemized statement of goods and

services at the time of need if the arrangements were made through a preneed contract?

(yes/no) - ANSWER-yes




QUESTION: May a licensee charge finance charges on a preneed arrangement? (yes/no) -

ANSWER-no




QUESTION: A person who makes payment on a preneed contract may terminate the agreement

when? - ANSWER-at any time prior to at-need




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QUESTION: If the contract buyer terminates the contract within ___ days of its execution, the

contract buyer shall be refunded all consideration paid or delivered and any interest or income

accrued on it. - ANSWER-30




QUESTION: If contract buyer uses a revocable trust as funding source and terminates contract

after 30 days of execution of contract, contract buyer shall be refunded: (% amounts)




1. ___% of consideration paid or delivered on nonguaranteed items


2. at least ___% of all consideration paid for guaranteed items, and


3. ___% of interest or income accrued on it - ANSWER-100, 90, 100




QUESTION: Barring special circumstances under VA law, if a contract buyer uses an irrevocable

trust as the funding source, may they cancel the trust 30 days after its execution? (yes/no) -

ANSWER-no




Q; 10% of funds may be retained by the contract provider when the contract is funded by a

_____account. - ANSWER-trust




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QUESTION: Contract providers, i.e. funeral homes, must keep a listing of all preneed contracts

in ______________ OR _______________ order. - ANSWER-chronological; alphabetical




QUESTION: The funeral home's listing of preneed contracts shall include these 6 things: -

ANSWER-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




QUESTION: 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) - ANSWER-1.

The VA Board of Funeral Directors and Embalmers




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