Family Security Trust Fund Flashcards
Definition: Means a committee comprised of three Board members and a representative from both of the trade associations which is assisted by Board Counsel provided by the Attorney General’s office and Board Administrative personnel to administer the Fund
Advisory Board
Definition: means a request filed in writing, under oath, with supporting documentation by a claimant to obtain compensation from the Family Security Trust Fund for a preneed trust fund loss as a result of malfeasance default, failure, or insolvency of any licensee
Claim
Definition: means an individual or legal representative of the individual, or any other individual who on behalf of themselves or any other individual files a claim for loss
Claimant
Definition: means a public record issued by the Board resolving a contested case either by consent or after an adjudication, which includes findings or fact, conclusions of law, and a disposition which:
(1) Denies a license
(2) Sanctions by reprimand, probation, fine, or suspension or revocation of a license
(3) Summarily suspends a license
(4) dismisses charges
(5) takes any other action that the Board may do by law
Final Order
Definition: Means the Family Security Trust Fund, a special, nonlapsing, interest bearing account
“Fund”
Definition: Means an agreement entered into by a licensed mortician, a licensed funeral director, or a holder of a surviving spouse license with a buyer in advance of the death of that individual or beneficiary
Preneed Contract
Definition: means a licensed mortician, licensed funeral director, or a holder of a surviving spouse license who agrees to sell certain mortuary sciences services or merchandise in a contractual arrangement between a buyer and a funeral establishment
Seller
A licensed funeral _____ may not be exempt from the fees outlined in this regulation
establishment
A Board shall send out fee notices to the licensed establishments via first class mail by _________
September 1
Annual payments shall be due on _______ of every year. All active licensed establishments shall be required to pay a fee of ______ to the Family Security Trust Fund
November 30
$375
A late fee of ______ will be assessed on _________ for any licensed establishment that is delinquent in paying the mandatory contribution to the Fund
$500
December 1
If the establishment does not pay the mandatory fee by ______, the Committee shall refer the delinquent establishments to the Board for formal action
December 30
The Board shall assess a ______ fee for a returned check
$40
A licensee is not entitled to a _____ of its contribution to the Fund
refund
A fee shall be deposited with the ______ into a separate account known as the Family Security Trust Fund. The Fund may not be transferred to or revert to the General Fund of the State
State Treasurer
Once the Fund has accumulated a balance of _______ the Board may cease to collect the annual fee
$1,000,000
if the balance is below, they ill reinstate that annual fee
The Board may expend monies in the Fund for the following purposes:
(1) to make reimbursements on approved claims
(2) To pay the expenses of the Board for administering the Fund, including appropriate experts, or legal counsel, accountants, consultants, and agents
A claimant may receive compensation from the Fund for an actual preneed trust fund loss that occurred on or after ______. All payments shall be a matter of privilege and not a right
January 1, 2010
The President of the Board and the President of the ______ shall sign off on the payment of claims
Advisory Committee
A licensee found guilty of malfeasance, default, failure, or insolvency may not be considered for reinstatement to an active status until:
all money paid from the fund is repaid in full, plus interest from the time the payment is made
