Even If Your Assets Such as Life Insurance, Annuities, or RRSPs

question 22

True/False

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

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Definitions:

Financial Reserve

A portion of funds set aside by a business or organization to cover future obligations or unexpected expenses.

Zero-balance Accounts

Bank accounts that are maintained at a zero balance by automatically transferring funds from a master account in amounts only large enough to cover presented checks or debits.

Master Account

A central account that can control or aggregate several sub-accounts, often used in finance for managing investments or in banking.

Lockbox System

A service offered by banks to companies for the rapid collection of customer payments, by providing a special address to which payments are sent directly.