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NEW QUESTION: 1
When a retained asset account is established in the place of a cash settlement, an interest bearing account is created by the insurer for the beneficiary. The beneficiary receives a checkbook with which to draw upon funds in the new account. The account holder can make:
A. Total withdrawal of the account balance as needed and has total control over the account
B. 25% withdrawal of the account balance as needed and has total control over the account.
C. Partial withdrawal of the account balance as needed and has total control over the account
D. Partial or total withdrawal of the account balance as needed and has total control over the account
Answer: D

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