Funeral Service National Board Examination (NBE)

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An estate of a deceased individual with insufficient assets to cover its debts, taxes, and administrative costs is considered insolvent. The state statute is in charge of determining these claims' order of priority. However, in the majority of states, the order of claims' priorities—from highest priority to lowest—is as follows:

Medical bills, taxes, and funeral expenses Taxes, funeral expenses, and medical bills Administration expenses, funeral expenses, and taxes Funeral expenses, administration expenses, and taxes

Correct Answer:

Funeral expenses, administration expenses, and taxes

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