Practice question
Two accounts in the same bank are maintained for the same person's benefit in the same right and capacity, one in the person's name and one in another's name. Are they necessarily separately insured merely because the names differ?
- Yes, names always override beneficial ownership.
- Yes, every document creates another unlimited cover.
- Yes, capacity never matters.
- Yes, all nominee holdings are separate banks.
- No; the statutory aggregation includes deposits for the same benefit in the same right and capacity.
Legal references
- PDIC Charter as amended by RA11840, Sections5 and12–16: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC official Q&A on new MDIC, effective March15 2025: https://www.pdic.gov.ph/files/ccd/Q%26A%20on%20the%20New%20MDIC.pdf
Answer this question in flashcards to review your response and continue practicing.