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FNS Law > Ethics, preneed, and acts > Flashcards

Ethics, preneed, and acts Flashcards

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1
Q

plan made or established by a person to pre-arrange funeral or disposition services for their own passing

A

pre-planned funeral arrangements

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2
Q

plan or arrangement to lock final disposition costs, funeral, cremation or burial with a pre-need life insurance policy or annuity

A

pre-funded funeral arrangements

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3
Q

type of pre-funded arrangement contract which can be cancelled, or terminated

A

revocable contract

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4
Q

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

A

revocable trust

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5
Q

type of pre-funded arrangement contract which will not terminate

A

irrevocable contract

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6
Q

type of trust in which it cannot be revoked by the settler upon its creation

A

irrevocable trust

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7
Q

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

A

guaranteed contract

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8
Q

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.

A

non-guaranteed contract

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9
Q

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.

A

Trust accounts

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10
Q

the creator of the trust

A

grantor or settlor

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11
Q

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.

A

Third party contracts

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12
Q

a fixed sum of money paid to someone each year, typically for the rest of their life

A

annuity

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13
Q

account that has a beneficiary, who the person who opens the account selects. It is also called a payable on death account

A

Totten trust bank account

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14
Q

a person placing money in a bank account in the depositor’s name as the trustee for another

A

Totten trust bank account

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15
Q

type of life insurance used to pay for funeral services and merchandise costs after a death

A

burial insruance

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16
Q

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

A

savings/passbook account

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17
Q

Branch of philosophy dealing with values

A

ethics

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18
Q

declaration or statement of the professional standards of right and wrong:

A

code of ethics

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19
Q

beliefs that are held to high esteem

A

values

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20
Q

a moral principal; followed consistently regardless of the situation

A

absolute moral standard

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21
Q

having a senses of honor, upright and fair dealings

A

honesty

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22
Q

Moral principles that vary with circumstances:

A

situational ethics

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23
Q

involves formulating moral standards of conduct

A

normative ethics

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24
Q

the morally right action produces the greatest good for the larger number of people:

A

utilitarianism

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25
Q

an action is right or wrong because a higher authority says it is

A

absolutism

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26
Q

there is no correct moral standard for all times and all people:

A

relativism

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27
Q

maintains that the morality of an action is determined solely by its consequences:

A

teleological theory

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28
Q

maintains that the morality of an action is determined solely by its motives

A

deontological

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29
Q

Which of the following is a rule of ethical conduct that found in most major religions?

A

the golden rule

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30
Q

Rules that govern society

A

laws

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31
Q

What is good and moral in a business transaction

A

business ethics

32
Q

Fidelity to moral principles is the definition of –

A

integrity

33
Q

the stage of moral development in which the individual considers universal moral principles which supersede the authority of the group is called

A

post-conventional stage

34
Q

Which of the following best explain what laws are?

A

laws are external and concerned with the interest of socity

35
Q

stage of moral development in which moral reasoning is based on reward and punishment for those in authority is the –

A

Pre-conventional stage

36
Q

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:

A

ademption

37
Q

a written instrument authorizing an agent to do anything for the principal:

A

general power of attorney

38
Q

exists when a person benefits from the preservation of the health or life of the insured or the property to be insured:

A

insurable interest

39
Q

a person or company that determines if a risk exist before a person or property is insured

A

underwriter

40
Q

ownership rights include the right to sell or give away the property without restriction, as well as the right to commit waste

A

fee simple

41
Q

The party who acquires possession, but not the title, of personal property by one party to another, under agreement:

A

bailee

42
Q

A man who has been appointed by the court to settle an estate:

A

administrator

43
Q

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

A

Fair labor standards act (FLSA)

44
Q

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.

A

White Collar exemptions

45
Q

applies toward people who work in offices or other professional environments

A

white collar exemptions

46
Q

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

A

executive

47
Q

perform work that keeps the business up and running and who are authorized to make relatively important decisions.

A

administrator

48
Q

applies to employees that require an advanced degree, period of special training, or a license from the state

A

Professional

49
Q

Test used to test whether an employee is in exempt or non-exempt status and subject to the pay guidelines of the act

A

duties test

50
Q

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

A

salary basis test

51
Q

requires an employee to charge absences from work to leave accruals is not a reduction in pay, because employees paycheck remains the same

A

salary basis test

52
Q

FSLA standard which establishes the thresholds for non-exempt standard. (employees who are paid less than $23,600 per year are nonexempt typically)

A

Salary level test

53
Q

payment/compensation will be made at the sole discretion of the employer

A

discretionary

54
Q

where payment of salary is based on standards that have or have not been met to receive payment or compensation

A

non-discretionary

55
Q

the time that an employee is waiting for work to do as required by their specific function

A

waiting to be engaged

56
Q

an employee spends time waiting and this time is considered the time they are on duty and the time counts as hours worked

A

engaged to wait

57
Q

Under ADA, any physical or mental condition which limits a persons movements senses or activities

A

disability

58
Q

Under ADA reasonable accommodation standard and exception, where exception and accommodation cannot be met without undue hardship to employer

A

De minimis

59
Q

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

A

truth-in-lending act

60
Q

Credit advanced to a person for the purchase of goods and services

A

consumer credit

61
Q

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

A

finance charge

62
Q

Federal law that requires financial institutions to explain how they share and protect their customers private information

A

gramm-leach-Bliley act

63
Q

Gramm leach bliley act is also known as

A

Financial modernization act of 1999

64
Q

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

A

health insurance portability and accountability act (HIPPA)

65
Q

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

A

fair debt collection practices act (FDCPA)

66
Q

under the EPA, the measure detection and indication of improper combustion and excessive particular emissions

A

opacity

67
Q

federal and civil rights which prohibits discrimination on thr basis of disability.

A

American with disability act (ADA)

68
Q

a person who meets legitimate skill, experience, education or other requirements of an employment position that he or she holds/seeks

A

qualified individual (ada)

69
Q

Federal law (1993) requiring covered employers to provide job protection and unpaid leave for qualified medical and family reasons

A

family and medical leave act (FMLA)

70
Q

landmark civil rights law which outlaws discriminations on the basis of ethnicity

A

civil rights act of 1964

71
Q

the agency which administers and enforces rights and laws that prohibit workplace discrimination

A

equal employment opportunity commission (EEOC)

72
Q

Federal act which addresses environmental pollution and natural resource conservation

A

environmental protection act (EPA)

73
Q

Under the EPA, emissions that are a mixture of solid particles and liquid droplets found in the air (considered pollution)

A

particulate matter emissions

74
Q

requires that men and women be given equal pay for equal work in same establishment. Job must be substantially equal.

A

Equal pay act

75
Q

Initial licensure or registration: license to practice funeral service or as a funeral director or embalmer

A

$325

FNS Law (3 decks)

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