Prearranged and Prefunded Funerals

Question 1

this form of insurance is fading fast from the funeral scene. it is life insurance payable in merchandise and service or as a credit toward merchandise an service, with a lesser benefit often payable in cash when the person dies and final disco occurs outside the service area of the funeral establishment that services that burial association

Answer 1

burial insurance

Question 2

these synonymous terms indicate that the funeral which has been prearranged and pretended will be provided whether or not the funds entrusted plus any accrual on them are sufficient to pay for the funeral selected regardless of its price at the time death occurs

Answer 2

fixed or guaranteed price

Question 3

life insurance payable in cash to any designated beneficiary for use in any manner chosen but not necessarily intended to be applied toward funeral expenses. most such insurance is provided by carriers not owned by a funeral home although many funeral homes endorse a specific carrier or plan. when the proceeds of th policy are used to pay for the funeral the funeral director receives an assignment of the future death benefit. in a few jurisdictions the funeral director may be named the beneficiary. the funeral arranged can be either guaranteed or non-guaranteed

Answer 3

funeral insurance

Question 4

you can put property into a living trust while you are still alive. when you die the property automatically goes to your heirs without going through probate court which can be very time consuming and expensive. you can revoke a living trust a any time if you change your mind

Answer 4

living trust

Question 5

a legally binding document that dictates ones wish not to be kept alive by artificial life support systems in the event of a terminal illness. by limiting treatment a living will sets limits on hospital bills which can drain and even wipe out your assets so that there is little left indoor estate for your heirs

Answer 5

living will

Question 6

contracts which are portable provide that when death occurs and th funeral is conducted by a firm other than the one with which there is a contract the contract and funds will be transferred to the other establishment to b fulfilled

Answer 6

portability of a contract

Question 7

a funeral arrangement made prior to need involving the written specification of what is desired as well as th possible selection of merchandise. It does not involve payment of money

Answer 7

prearranged

Question 8

prearrangements for a funeral and payment for it at the time of prearrangement or on an installment basis

Answer 8

prearranged and prefunded

Question 9

the providing of funds for a funeral in advance of need which are deposited or placed not necessarily in association with a prearranged funeral

Answer 9

prefunded

Question 10

a term used in reference to any aspect of prearranging, pretending or preplanning. it encompasses the entire subject

Answer 10

preneed

Question 11

an individual or firm providing the services, facilities, and merchandise for the funeral which has been prearranged and or pretended

Answer 11

provider

Question 12

a person or firm who contracts to have available funeral services and or merchandise. a seller many or may not be a provider

Answer 12

seller

Question 13

monies deposited for a funeral arranged and contracted for in advance of need. said funds earn interest which could offset the effect of inflation on the price of the selection made. the contract would be either guaranteed or non-guaranteed

Answer 13

trust funds

Question 14

a legal document that dictates how your property is to be distributed after death. it may also designate guardians for your children. your will must pass through probate court before your estate can be distributed to your heirs

Answer 14

will