module 5

AFSRB

module 5

30問 • 1年前AFSRB

問題一覧

What is the main purpose of prearranged funeral contract legislation?

protect the public and ensure the security of funds

Which statement represents a significant distinction between “trusted pre-need” and “insurance funded pre-need” contracts?

regulation - the insurance funded plan is regulated under a different Act than the Funeral Services Act

Which of the following items would not be itemized on a pre-need funeral service contract?

grave plot

Within what time period must all money received on a pre-need funeral contract (less the allowable administration fee) be transferred to an authorized trustee? The money must be deposited with the authorized trustee within five days from the _______________?

end of the penalty-free cancellation period

What is the maximum administration fee that can be deducted from the money paid on a pre-need funeral contract?

15%

What is the “penalty free” period for the cancellation by the purchaser of a pre-need funeral contract? A purchaser may cancel a pre-need contract without penalty ______ from the date the contract is received.

30 days

Who must sign funeral service contracts?

consumer and funeral director or licensed pre-need salesperson

When must a copy of a funeral service contract (at-need or pre-need) be given to the purchaser?

immediately after the contract is signed

When must a copy of a trusted pre-need cemetery contract be given to the purchaser?

within 7 days after the contract is signed

What is a “statement of cancellation rights”?

provisions for a purchaser’s right to cancel a pre-arranged funeral service contract

How much time does s funeral service or cemetery business have to refund money to a purchaser that cancels a prearranged funeral service or cemetery contract?

15 days

How must a notice of cancellation of a cemetery or funeral sales contract be given?

in writing

When a client give a notice of cancellation for a cemetery or funeral sales contract, when is the notice of cancellation deemed to have been given?

when the client sends the notice

When must the money held in trust on a preneed sales contract be placed in trust with an authorized trustee?

within 5 days after the 30 day cancellation period

For the sale of a plot or space/compartment in a cemetery, columbarium or mausoleum, how much must the owner place into the perpetual care fund?

15%

For the sale of a monument or marker in a cemetery, columbarium or mausoleum, how much must the owner place into perpetual care fund?

10%

What is the Compensation Fund?

a fund set up by AFSRB that is used to reimburse clients that have suffered a loss through a preneed contract by unscrupulous funeral service businesses or through bankruptcy of the funeral firm

What happens to the interest earned on money held in trust on preneed sales contracts?

it is used to cover for any cost of inflation

A funeral service contract must be in writing.

True

A minimum of 85% of the amount paid by the consumer for a preneed funeral contract must be placed in trust by the funeral business selling the contract.

True

The notice of cancellation must be by a method that will allow the purchaser to prove that the notice was given, such as registered mail, fax, or by personal delivery.

True

Unlike preneed funeral contracts, atneed funeral contracts may be verbal agreements between the purchaser and the funeral director.

False

The Alberta Funeral Services Regulatory Board regulates cash surrender calues for all insurance funded pre-plans.

False

Salespersons who sell insurance funded pre-need funeral plans must obtain an insurance agent’s license from the Alberta Insurance Coucil.

False

Insurance funded pre-need plans are usually affiliated with a specific funeral firm that guarantees funeral related services and merchandise.

True

Insurance agents are duly trained and licensed to sell life insurance policies that guarantee a lump sum of money at the time of death.

True

Final expense insurance can ensure the consumer that there will be sufficient funds to cover funeral expenses at the time of death.

False

Final expense insurance guarantees a particular type of casket and level of service.

False

Individuals and/or companies that guarantee funeral related services and merchandise at some future time must be licensed by the AFSRB.

True

Any financial mechanism that funds a pre-planned funeral falls under the regulation of the Funeral Services Act and the AFSRB.

True

AFSRB 1

AFSRB 1

Module 2

Module 2

Module 3

ユーザ名非公開 · 3回閲覧 · 37問 · 1年前

Module 3

Module 7

Module 7

Module 9

Module 9

Module 10

Module 10

Module 11

Module 11

AFSRB Practice Exam 1

ユーザ名非公開 · 25問 · 1年前

AFSRB Practice Exam 1

25問 • 1年前

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AFSRB Practice Exam 2

ユーザ名非公開 · 25問 · 1年前

AFSRB Practice Exam 2

25問 • 1年前

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AFSRB Practice Exam 3

ユーザ名非公開 · 25問 · 1年前

AFSRB Practice Exam 3

25問 • 1年前

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AFSRB Practice Exam 4

ユーザ名非公開 · 24問 · 1年前

AFSRB Practice Exam 4

24問 • 1年前

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AFSRB Practice Exam 5

ユーザ名非公開 · 24問 · 1年前

AFSRB Practice Exam 5

24問 • 1年前

ユーザ名非公開

問題一覧

What is the main purpose of prearranged funeral contract legislation?

protect the public and ensure the security of funds

Which statement represents a significant distinction between “trusted pre-need” and “insurance funded pre-need” contracts?

regulation - the insurance funded plan is regulated under a different Act than the Funeral Services Act

Which of the following items would not be itemized on a pre-need funeral service contract?

grave plot

end of the penalty-free cancellation period

What is the maximum administration fee that can be deducted from the money paid on a pre-need funeral contract?

15%

30 days

Who must sign funeral service contracts?

consumer and funeral director or licensed pre-need salesperson

When must a copy of a funeral service contract (at-need or pre-need) be given to the purchaser?

immediately after the contract is signed

When must a copy of a trusted pre-need cemetery contract be given to the purchaser?

within 7 days after the contract is signed

What is a “statement of cancellation rights”?

provisions for a purchaser’s right to cancel a pre-arranged funeral service contract

How much time does s funeral service or cemetery business have to refund money to a purchaser that cancels a prearranged funeral service or cemetery contract?

15 days

How must a notice of cancellation of a cemetery or funeral sales contract be given?

in writing

When a client give a notice of cancellation for a cemetery or funeral sales contract, when is the notice of cancellation deemed to have been given?

when the client sends the notice

When must the money held in trust on a preneed sales contract be placed in trust with an authorized trustee?

within 5 days after the 30 day cancellation period

For the sale of a plot or space/compartment in a cemetery, columbarium or mausoleum, how much must the owner place into the perpetual care fund?

15%

For the sale of a monument or marker in a cemetery, columbarium or mausoleum, how much must the owner place into perpetual care fund?

10%

What is the Compensation Fund?

a fund set up by AFSRB that is used to reimburse clients that have suffered a loss through a preneed contract by unscrupulous funeral service businesses or through bankruptcy of the funeral firm

What happens to the interest earned on money held in trust on preneed sales contracts?

it is used to cover for any cost of inflation

A funeral service contract must be in writing.

True

A minimum of 85% of the amount paid by the consumer for a preneed funeral contract must be placed in trust by the funeral business selling the contract.

True

The notice of cancellation must be by a method that will allow the purchaser to prove that the notice was given, such as registered mail, fax, or by personal delivery.

True

Unlike preneed funeral contracts, atneed funeral contracts may be verbal agreements between the purchaser and the funeral director.

False

The Alberta Funeral Services Regulatory Board regulates cash surrender calues for all insurance funded pre-plans.

False

Salespersons who sell insurance funded pre-need funeral plans must obtain an insurance agent’s license from the Alberta Insurance Coucil.

False

Insurance funded pre-need plans are usually affiliated with a specific funeral firm that guarantees funeral related services and merchandise.

True

Insurance agents are duly trained and licensed to sell life insurance policies that guarantee a lump sum of money at the time of death.

True

Final expense insurance can ensure the consumer that there will be sufficient funds to cover funeral expenses at the time of death.

False

Final expense insurance guarantees a particular type of casket and level of service.

False

Individuals and/or companies that guarantee funeral related services and merchandise at some future time must be licensed by the AFSRB.

True

Any financial mechanism that funds a pre-planned funeral falls under the regulation of the Funeral Services Act and the AFSRB.

True