A Provision That Ensures Performance Fees Are Not Earned Until

question 63

Multiple Choice

A provision that ensures performance fees are not earned until the value of a fund exceeds its previous highest level is referred to as which one of the following?

• A)unearned income provision
• B)low-fee provision
• C)water mark
• D)high-water mark
• E)double-dip provision

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Definitions:

Extraordinary Medical Technology

Refers to advanced and often groundbreaking medical devices, treatments, or procedures that significantly exceed the current standard of care.

Living Will

A document executed with specific legal formalities stating a person’s preference that heroic life support measures should not be used if there is no hope of the person’s recovery.

Respirator

A device designed to protect the wearer from inhaling harmful dust, fumes, vapors, or gases.

Joint Tenants

Individuals who own property together with rights of survivorship, meaning upon the death of one tenant, their interest in the property automatically passes to the surviving tenant(s).