Mortuary Science Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Mortuary Science Exam with comprehensive quizzes, complete with flashcards and multiple choice questions, detailed hints, and explanations. Ace your exam confidently!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

A Michigan non-profit corporation can act as an escrow agent if the majority interest is held by how many funeral homes or cemeteries?

100+
150+
250+; 30+
300+

The correct answer is: 250+; 30+

In Michigan, a non-profit corporation can act as an escrow agent when the majority interest is held by a specified number of funeral homes or cemeteries. The correct response indicates that the majority interest must be held by at least 250 entities, with a minimum requirement of 30 of those being funeral homes or cemeteries. This regulation is in place to ensure that the escrow agent is sufficiently rooted in the community of funeral service providers and cemeteries, thereby reinforcing trust and ethical standards in the handling of consumers' funds. It reflects a structured approach to managing the financial aspects related to prearranged funeral services or cemetery plots, promoting accountability and reliability. The specification of both a total number of entities and a minimum number of funeral homes or cemeteries serves to prevent any single entity from dominating the escrow process, which could lead to conflicts of interest. By requiring participation from multiple funeral homes or cemeteries, the regulation encourages a balanced representation of the industry in the management of consumer funds.