A Person May Stop Payment on a Check

question 9

Multiple Choice

A person may stop payment on a check:

• A) as long as he or she is authorized to draw a check from the account in question.
• B) as long as he or she is authorized to draw a check from the account in question and he or she is the party who signed the check in question.
• C) as long as he or she has sufficient funds to cover any liability an erroneous stop-payment order would incur.
• D) after a month of the deposit of the check.

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Definitions:

Life Policy

A life policy is an insurance agreement that pays out a sum of money either upon the death of the insured person or after a set period.

Premiums Payable

The amount due for payment on an insurance policy.

Deductible

The amount a policyholder must pay out of pocket before an insurance company will cover the remaining costs of a claim.

Medical Bills

The costs charged for services rendered by healthcare professionals or facilities.