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A Final Exam
3. Sorry, that is incorrect.
The correct answer is "True."
This is an important change because the old FDIC rules imposed limits on the insurance coverage if the trust contained such conditions, and that distinction was a source of confusion for both consumers and bankers. "This simplification of the rules will make it much more likely that families with living trust accounts will be fully protected by the FDIC if their bank fails," says FDIC Chairman Don Powell. See full story...
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