A bank's Customer Identification Program (CIP) applies to any insurance product that contains a cash value or investment feature. Which application will require CIP verifications? A. An application from Sammy Scott for a Surety BondB. An application from Frank Farber for commercial flood insuranceC. An application from Ann Arbor for an annuityD. An application from Carey Carter for car insurance

Question

Social Studies

Travis Phelps

26 January, 21:57

A bank's Customer Identification Program (CIP) applies to any insurance product that contains a cash value or investment feature. Which application will require CIP verifications? A. An application from Sammy Scott for a Surety BondB. An application from Frank Farber for commercial flood insuranceC. An application from Ann Arbor for an annuityD. An application from Carey Carter for car insurance

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Answers (1)

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Cheyenne Clarke · Answer 1

C. An application from Ann Arbor for an annuity.

Explanation:

A Customer Identification Program (CIP) is usually conducted by a financial institution to verify a client's identity because he or she can conduct any financial transaction with the bank. Generally, for any CIP verification, the transaction must include an investment feature such as a cash value. Thus, it is only option C that requires a CIP verification.