Power Of Attorney Question and Answers

Question 1

True or False: In order to be approved, POA documents must expressly authorize authority over financial activities and bank accounts.

Accepted Answer

True

Answer

False

Question 2

True or False: Both a POA and a letter of attorney have the same function.

Accepted Answer

True

Answer

False

Question 3

True or False: An example of "real" property is a bank account.

Accepted Answer

False

Answer

True

Question 4

True/False: A "generic" POA automatically enables an agent to modify the Member's IRA's beneficiary designation.

Accepted Answer

False

Answer

True

Question 5

True or False: If the Member becomes unable or disabled, the "durable" POA expires.

Accepted Answer

False

Answer

True

Question 6

True or False: A POA remains in effect when the member who signed it passes away.

Accepted Answer

False

Answer

True

Question 7

True or False: CME demands that the Credit Union receive all POAs in writing.

Accepted Answer

True

Answer

False