Tenth National Bank extended a 2 million loan to ABC Development Company. Tenth National accepted a mortgage on a building as collateral for the loan. The mortgagee's signature on the loan, however, was a forgery.
The resulting loss is covered by which financial institution bond coverage?
A) Insuring Agreement A Fidelity
B) Insuring Agreement DForgery or Alteration
C) Insuring Agreement ESecurities
D) Insuring Agreement GFraudulent Mortgages
Question 2
Carl Lee lost his wallet at the beach five days ago. Carl is sure there were three credit cards in the lost wallet. Assuming he's right and notifies the banks, Carl can lose as much as ________, assuming he has no private insurance protection.
A)
150
B)
500
C)
650
D)
unlimited losses
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