Q 34 For the past 20 years, Ceraiders has turned to the licensed insurance agent Andrea...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Q 34 For the past 20 years, Ceraiders has turned to the licensed insurance agent Andrea for as her life insurance needs and has purchased various products from her, Most maturity, Ceraiders and her husband Ronald purchased (through Andrea) a $150,000 term first-to-die life insurance policy from a reputable Canadian insurer. Ronald passed away recently and Andrea provided Ceraiders with the proper forms to claim the death benefits, which the insurer promptly paid out. Having little use for these funds, Ceraiders now decided to deposit them in a non-registered segregated fund. Putting her grandchildren as beneficiaries. Before processing Ceraider's segregated fund application, what must Andrea do to comply with the process of crime (money laundering) and terrorist Financial Act? A) Report the transaction to FINTRAC for a thorough investigation. B) Ask Ceraiders for an identification document with a unique identification number. C) Verify whether Ceraiders or someone close to her is a politically exposed person. D) Andrea has no particular obligations, because he has done several transactions for Ceraiders in the past and knows for certain that the source at the funds is legitimate. Q 34 For the past 20 years, Ceraiders has turned to the licensed insurance agent Andrea for as her life insurance needs and has purchased various products from her, Most maturity, Ceraiders and her husband Ronald purchased (through Andrea) a $150,000 term first-to-die life insurance policy from a reputable Canadian insurer. Ronald passed away recently and Andrea provided Ceraiders with the proper forms to claim the death benefits, which the insurer promptly paid out. Having little use for these funds, Ceraiders now decided to deposit them in a non-registered segregated fund. Putting her grandchildren as beneficiaries. Before processing Ceraider's segregated fund application, what must Andrea do to comply with the process of crime (money laundering) and terrorist Financial Act? A) Report the transaction to FINTRAC for a thorough investigation. B) Ask Ceraiders for an identification document with a unique identification number. C) Verify whether Ceraiders or someone close to her is a politically exposed person. D) Andrea has no particular obligations, because he has done several transactions for Ceraiders in the past and knows for certain that the source at the funds is legitimate.
Expert Answer:
Answer rating: 100% (QA)
The correct option is Report the transaction to FINTR... View the full answer
Related Book For
Fundamentals of Investing
ISBN: 978-0133075359
12th edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
Posted Date:
Students also viewed these finance questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Describe who gets hurt in a recession, and how?
-
A ball thrown horizontally at 12.2 m/s from the roof of a building lands 21.0 m from the base of the building. How high is the building?
-
Two mutually exclusive projects have projected cash flows as follows: a. Determine the internal rate of return for each project. b. Determine the net present value for each project at discount rates...
-
Discuss why employment disclaimers are important to the employer.
-
Name and describe the four types of markets recognized by economists and discuss the pricing challenges posed by each.
-
Ryan has been appointed by Target Internationals, a hardware manufacturing firm, as a marketing researcher and has been asked to conduct marketing research to produce new insights of consumer...
-
Greenfield Consultants conducts analyses of public policy issues. The company has two units: Government (with various U. S. government agencies as the only clients) and Corporate (with several...
-
In some cities, media outlets publish a weekly list of restaurants that have been cited for health code violations by local health inspectors. What information problem is this feature designed to...
-
A healthy and constantly evolving financial system is the foundation for economic efficiency and economic growth. It has six parts: a. Money is used to pay for purchases and to store wealth. b....
-
Explain how a bank uses liability management to respond to a deposit outflow. Why do banks prefer liability management to asset management in this circumstance?
-
In response to changes in banking legislation, recent decades have seen a significant increase in interstate branching by banks in the United States. How do you think a development of this type would...
-
In 2009, Bernard Madoff was sentenced to 150 years in prison for executing what was likely the largest Ponzi scheme in history. What problem associated with asymmetric information was central to...
-
Z Ltd. forfeited 200 shares of Rs 100 each, issued at 10% premium for non-payment of allotment money of Rs 50 per share (including premium), first call of Rs 40 per share and a second and final call...
-
"Standard-cost procedures are particularly applicable to process-costing situations." Do you agree? Why?
-
What are bond ratings, and how can they affect investor returns? What are split ratings?
-
Describe a back-end load, a low load, and a hidden load. How can you tell what kinds of fees and charges a fund has?
-
Maria Lopez is a wealthy investor whos looking for a tax shelter. Maria is in the maximum (35%) federal tax bracket and lives in a state with a very high state income tax. (She pays the maximum of...
-
Apple stock is selling for \($120\) per share. Call options with a \($117\) exercise price are priced at \($12.\) What is the intrinsic value of the option, and what is the time value?
-
Refer to Problem 14.9. What would the loss of the seller of the put option be if, at expiration, XLB is trading at \($20?\) What would the profit of the seller be if, at expiration, XLB is trading at...
-
Ibrahim bought 200 shares of a stock trading in the Abu Dhabi Securities Exchange at AED 12 (United Arab Emirates dirham) per share. Over time, the price of the stock increased to AED 18 per share....
Study smarter with the SolutionInn App