Which of the following represents prearranged funeral insurance?

The correct choice is indeed a contract for guaranteed payment of funeral expenses. Prearranged funeral insurance is specifically designed to cover the costs associated with funeral services. It is an agreement made to ensure that specified funeral expenses will be paid at the time of need, allowing individuals and their families to alleviate the financial burden during a difficult time. This type of insurance contract provides peace of mind, knowing that funeral arrangements are financially secured in advance.

The other options represent different financial products or services that do not align with the specific purpose of prearranged funeral insurance. A long-term care insurance policy focuses on providing coverage for healthcare services over an extended period, and life insurance policies typically serve to provide a financial benefit upon the insured's death, primarily aimed at replacing lost income or covering debts. Finally, an investment account meant for funeral savings doesn't directly ensure that funds will be paid out to cover funeral expenses in a predetermined manner, lacking the guarantees that funeral insurance provides.