Practice question
For PDIC joint-account coverage, does using "or" instead of "and" by itself eliminate the separate treatment of a genuine joint account?
- No; the Charter applies regardless of and, or, or and/or wording.
- Yes; every or account becomes solely the first named person's property.
- Yes; the conjunction doubles the statutory ceiling.
- No; because every signatory receives the entire balance as separate insurance.
- Yes; only accounts using and qualify as deposits.
Legal references
- RA 11840, Section 4 amending PDIC Charter Section 5(k): https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/95626
- PDIC official 2025 guidance, PHP1 million coverage effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/PR-038-25%20New%20maximum%20deposit%20insurance%20coverage%20of%20P1%20Million%20takes%20effect%20on%20March%2015.pdf
- PDIC, Understanding Deposit Insurance brochure: https://www.pdic.gov.ph/files/Understanding%20Deposit%20Insurance%20Brochure.pdf
Answer this question in flashcards to review your response and continue practicing.