Family Security Trust Fund

Question 1

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

Answer 1

Advisory Board

Question 2

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

Answer 2

Claim

Question 3

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

Answer 3

Claimant

Question 4

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

Answer 4

Final Order

Question 5

Definition: Means the Family Security Trust Fund, a special, nonlapsing, interest bearing account

Answer 5

“Fund”

Question 6

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

Answer 6

Preneed Contract

Question 7

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

Answer 7

Seller

Question 8

A licensed funeral _____ may not be exempt from the fees outlined in this regulation

Answer 8

establishment

Question 9

A Board shall send out fee notices to the licensed establishments via first class mail by _________

Answer 9

September 1

Question 10

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

Answer 10

November 30

$375

Question 11

A late fee of ______ will be assessed on _________ for any licensed establishment that is delinquent in paying the mandatory contribution to the Fund

Answer 11

$500

December 1

Question 12

If the establishment does not pay the mandatory fee by ______, the Committee shall refer the delinquent establishments to the Board for formal action

Answer 12

December 30

Question 13

The Board shall assess a ______ fee for a returned check

Answer 13

$40

Question 14

A licensee is not entitled to a _____ of its contribution to the Fund

Answer 14

refund

Question 15

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

Answer 15

State Treasurer

Question 16

Once the Fund has accumulated a balance of _______ the Board may cease to collect the annual fee

Answer 16

$1,000,000

if the balance is below, they ill reinstate that annual fee

Question 17

The Board may expend monies in the Fund for the following purposes:

Answer 17

(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

Question 18

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

Answer 18

January 1, 2010

Question 19

The President of the Board and the President of the ______ shall sign off on the payment of claims

Answer 19

Advisory Committee

Question 20

A licensee found guilty of malfeasance, default, failure, or insolvency may not be considered for reinstatement to an active status until:

Answer 20

all money paid from the fund is repaid in full, plus interest from the time the payment is made