Two Tellers of a Tenth National Bank Branch Colluded to Embezzle

question 6

Multiple Choice

Two tellers of a Tenth National Bank branch colluded to embezzle $40,000 over a six-month period.State bank examiners detected the embezzlement during a routine bank examination.Tenth National purchased a financial institution bond.Under which of the following insuring agreements is this loss covered?

• A)Insuring Agreement A-Fidelity
• B)Insuring Agreement B-On Premises
• C)Insuring Agreement C-In Transit
• D)Insuring Agreement D-Forgery or Alteration

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Definitions:

General Warranty Deed

A deed containing a covenant in which the seller agrees to protect the buyer against being dispossessed because of any adverse claim against the land.

Quitclaim Deed

A legal document transferring a person's interest in real property without guaranteeing its clear title.

Commonly Used

Frequently utilized or employed in general practice.

Tenants by the Entirety

A form of joint property ownership specifically designed for married couples where both spouses have equal and undivided interest in the property.