What is the bond amount required by organizations for prepaid funeral trusts?

The bond amount required by organizations for prepaid funeral trusts is specifically determined in Oklahoma law, which provides a framework for the management and safeguarding of funds collected for prepaid funeral services. The correct bond amount is defined as either $300,000 or 15% of the funds collected, whichever is greater.

This requirement is important because it ensures that there are sufficient financial protections in place for consumers who pay in advance for funeral services. The bond acts as a safeguard for the funds, helping to ensure that the money is available when needed and that the organization upholds its financial responsibilities.

Considering the other options, they do not align with the legal stipulations set forth in Oklahoma statutes. The bonds of $100,000, $200,000, and $500,000 do not reflect the established legal requirements, which is why the choice highlighting the specific parameters of $300,000 or 15% of funds collected is the appropriate answer. This clarity in the law aims to foster accountability among organizations handling prepaid funeral trusts.