Power Of Attorney (Poa) Quiz
10 Questions
| Attempts: 377
(226).jpg "Power Of Attorney (Poa) Quiz - Quiz")
Quiz Description
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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