ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.
ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter6: Losses And Loss Limitations
Section: Chapter Questions
Problem 2CE
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- ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.
- A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the Philippine Deposit Insurance Corporation? Explain.
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