Ethics, preneed, and acts Flashcards
plan made or established by a person to pre-arrange funeral or disposition services for their own passing
pre-planned funeral arrangements
plan or arrangement to lock final disposition costs, funeral, cremation or burial with a pre-need life insurance policy or annuity
pre-funded funeral arrangements
type of pre-funded arrangement contract which can be cancelled, or terminated
revocable contract
type of trust in which the settler reserves the right to terminate the trust and recover trust property and any undistributed income (can fund a preneed arrangement and if pre need contract is terminated after 30 day deadline, all money will be refunded to a certain percentage and interest or income on that amount
revocable trust
type of pre-funded arrangement contract which will not terminate
irrevocable contract
type of trust in which it cannot be revoked by the settler upon its creation
irrevocable trust
type of pre-funded arrangement contract in which the costs of certain items or the cost of the total package will never be more to your family or estate
guaranteed contract
type of pre-funded arrangement contract in which the costs of certain items or the cost of the total package will not be guaranteed to your family or estate.
non-guaranteed contract
legal arrangement through which funds or assets are held by a third party for the benefit of another party, which may be an individual or a group.
Trust accounts
the creator of the trust
grantor or settlor
agreements that involve a person who isn’t a party to a contract but is involved with the transaction. This person may be a buyer representing one of the parties.
Third party contracts
a fixed sum of money paid to someone each year, typically for the rest of their life
annuity
account that has a beneficiary, who the person who opens the account selects. It is also called a payable on death account
Totten trust bank account
a person placing money in a bank account in the depositor’s name as the trustee for another
Totten trust bank account
type of life insurance used to pay for funeral services and merchandise costs after a death
burial insruance
an account in which a competitive rate of interest is paid on your entire balance and provides a passbook for easy record keeping. to make deposits/withdrawals, the account owner must visit the bank with the physical passbook
savings/passbook account
Branch of philosophy dealing with values
ethics
declaration or statement of the professional standards of right and wrong:
code of ethics
beliefs that are held to high esteem
values
a moral principal; followed consistently regardless of the situation
absolute moral standard
having a senses of honor, upright and fair dealings
honesty
Moral principles that vary with circumstances:
situational ethics
involves formulating moral standards of conduct
normative ethics
the morally right action produces the greatest good for the larger number of people:
utilitarianism
an action is right or wrong because a higher authority says it is
absolutism
there is no correct moral standard for all times and all people:
relativism
maintains that the morality of an action is determined solely by its consequences:
teleological theory
maintains that the morality of an action is determined solely by its motives
deontological
Which of the following is a rule of ethical conduct that found in most major religions?
the golden rule
Rules that govern society
laws
What is good and moral in a business transaction
business ethics
Fidelity to moral principles is the definition of –
integrity
the stage of moral development in which the individual considers universal moral principles which supersede the authority of the group is called
post-conventional stage
Which of the following best explain what laws are?
laws are external and concerned with the interest of socity
stage of moral development in which moral reasoning is based on reward and punishment for those in authority is the –
Pre-conventional stage
a common law doctrine used in the law of wills to determine what happens when property bequeathed under a will is no longer in the testator’s estate at the time of the testator’s death:
ademption
a written instrument authorizing an agent to do anything for the principal:
general power of attorney
exists when a person benefits from the preservation of the health or life of the insured or the property to be insured:
insurable interest
a person or company that determines if a risk exist before a person or property is insured
underwriter
ownership rights include the right to sell or give away the property without restriction, as well as the right to commit waste
fee simple
The party who acquires possession, but not the title, of personal property by one party to another, under agreement:
bailee
A man who has been appointed by the court to settle an estate:
administrator
Federal legislation which established in 1938, is a labor law that creates the right to a minimum wage, and time and a half overtime pay when people work over 40 hours
Fair labor standards act (FLSA)
Under the FLSA there are 3 exemptions that govern wage and hour issues for those workers who fall under the category of executive, professional, and administrative.
White Collar exemptions
applies toward people who work in offices or other professional environments
white collar exemptions
high level managerial employees. must manage the business or dept. within the business. Person has authority to hire and fire and must supervise at least 2 full time employees
executive
perform work that keeps the business up and running and who are authorized to make relatively important decisions.
administrator
applies to employees that require an advanced degree, period of special training, or a license from the state
Professional
Test used to test whether an employee is in exempt or non-exempt status and subject to the pay guidelines of the act
duties test
employee is paid on salary basis if they have a guaranteed minimum amount of money they can count on receiving for any work week in which they perform any work
salary basis test
requires an employee to charge absences from work to leave accruals is not a reduction in pay, because employees paycheck remains the same
salary basis test
FSLA standard which establishes the thresholds for non-exempt standard. (employees who are paid less than $23,600 per year are nonexempt typically)
Salary level test
payment/compensation will be made at the sole discretion of the employer
discretionary
where payment of salary is based on standards that have or have not been met to receive payment or compensation
non-discretionary
the time that an employee is waiting for work to do as required by their specific function
waiting to be engaged
an employee spends time waiting and this time is considered the time they are on duty and the time counts as hours worked
engaged to wait
Under ADA, any physical or mental condition which limits a persons movements senses or activities
disability
Under ADA reasonable accommodation standard and exception, where exception and accommodation cannot be met without undue hardship to employer
De minimis
Federal law enacted in 1968, designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed
truth-in-lending act
Credit advanced to a person for the purchase of goods and services
consumer credit
any fee representing the cost of credit, or the cost of borrowing. it is interest accrued on and fees charged for, some forms of credit
finance charge
Federal law that requires financial institutions to explain how they share and protect their customers private information
gramm-leach-Bliley act
Gramm leach bliley act is also known as
Financial modernization act of 1999
the primary goal of the law is to make it easier for people to keep healthy insurance, protect the confidentiality and security of healthcare info and help the healthcare industry control adminstrave costs
health insurance portability and accountability act (HIPPA)
federal law that limits the behavior and actions of a third party debt collectors who are attempting to collect debts on behalf of another person or entity
fair debt collection practices act (FDCPA)
under the EPA, the measure detection and indication of improper combustion and excessive particular emissions
opacity
federal and civil rights which prohibits discrimination on thr basis of disability.
American with disability act (ADA)
a person who meets legitimate skill, experience, education or other requirements of an employment position that he or she holds/seeks
qualified individual (ada)
Federal law (1993) requiring covered employers to provide job protection and unpaid leave for qualified medical and family reasons
family and medical leave act (FMLA)
landmark civil rights law which outlaws discriminations on the basis of ethnicity
civil rights act of 1964
the agency which administers and enforces rights and laws that prohibit workplace discrimination
equal employment opportunity commission (EEOC)
Federal act which addresses environmental pollution and natural resource conservation
environmental protection act (EPA)
Under the EPA, emissions that are a mixture of solid particles and liquid droplets found in the air (considered pollution)
particulate matter emissions
requires that men and women be given equal pay for equal work in same establishment. Job must be substantially equal.
Equal pay act
Initial licensure or registration: license to practice funeral service or as a funeral director or embalmer
$325
