Power Of Attorney (Poa) Quiz

10 Questions | By Bmcquay | Last updated: Apr 26, 2021 | Total Attempts: 177

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Questions and Answers

1.

A Power of Attorney (POA) and a Letter of Attorney serve the same purpose.
- A.
  
  True
- B.
  
  False
2.

CME requires that all POAs be presented to the Credit Union in writing.
- A.
  
  True
- B.
  
  False
3.

A long as it is notarized, CME has a legal obligation to accept any POA authorized by the Member.
- A.
  
  True
- B.
  
  False
4.

A POA may only be used in situations where the Member is physically or mentally incapacitated.
- A.
  
  True
- B.
  
  False
5.

A POA continues to be valid after the death of the Member who authorized it.
- A.
  
  True
- B.
  
  False
6.

A "durable" POA is terminated if the Member becomes disabled or incompetent.
- A.
  
  True
- B.
  
  False
7.

A "general" or "complete" POA grants unrestricted authority to the designated agent.
- A.
  
  True
- B.
  
  False
8.

A bank account is an example of "real" property.
- A.
  
  True
- B.
  
  False
9.

POA documentation must specifically grant authority over financial transactions and bank accounts in order to be accepted.
- A.
  
  True
- B.
  
  False
10.

A "general" POA automatically allows an agent to change a beneficiary designation on the Member's IRA.
- A.
  
  True
- B.
  
  False

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