What is required of a seller in the annual report for preneed contracts sold?

The requirement for a seller in the annual report for preneed contracts sold focuses on the total face value of all preneed contracts sold. This figure is critical as it reflects the financial commitments made by consumers for future funeral services. Reporting this amount helps ensure that the seller is complying with regulations related to preneed contracts, including fulfilling obligations to consumers and maintaining adequate funding for the services promised in these contracts.

The total face value represents the financial scope of the preneed agreements, allowing regulators to monitor the business's financial health and ensuring that funds are appropriately managed for the services to be rendered in the future. Accurate reporting of this figure is essential for proper oversight and consumer protection in the funeral industry.