Insurable Deposits

Insurable Deposits
1. I. If the account is held jointly by two or more natural persons, or by two or more juridical
persons or entities, the maximum insured deposit shall be divided into as many equal
shares as there are individuals, juridical persons or entities, unless a different sharing is
stipulated in the document of deposit.
II. If the account is held by a juridical person or entity jointly with one or more natural
person, the maximum insured deposit shall be presumed to belong entirely to such
juridical person or entity.
Both are true
2. I. Whenever an insured bank shall been closed by the Monetary Board, or upon
expiration or revocation of a bank's corporate term, payment of the insured deposits on
such closed bank shall be made by the PDIC as soon as possible either (1) by cash or
(2) by making available to each depositor a transferred deposit in another insured bank
in an amount equal to insured deposit of such depositor.
II. The PDIC, in its discretion, may require proof of claims to be filed before paying the
insured deposits, and that in any case where the PDIC is not satisfied as to the validity of
a claim for an insured depositor, it may require final determination of a court of
competent jurisdiction before paying such claim.
Both are false
3. I. The Philippine Deposit Insurance Corporation (PDIC) shall insure the deposits of all
banks.
II. The PDIC shall promote and safeguard the interests of the depositing public by
providing insurance coverage on all insured deposits and helping maintain a sound and
stable banking system.
Both are true
4. Upon the designation of the PDIC as receiver of a closed bank, it shall serve a notice of
closure to the highest-ranking officer of the bank present in the bank premises or on its
main entrance.
II. The receiver shall have authority to use reasonable force, including the authority to
force open the premises of the bank, and exercise such acts necessary to take actual
physical possession and custody of the bank and all its assets, records, documents, and
take charge of its affairs upon the service of the notice closure.
Both are true
5. It is the unpaid balance of money or its equivalent received by a bank in the usual
course of business and for which it has given or is obliged to give credit to a commercial,
checking, savings, time or thrift account or which is evidenced by its certificate of
deposit, and trust funds held by such bank whether retained or deposited in any
department of such bank or deposited in another bank, together with such other
obligations of a bank as the Board of Directors shall find and shall prescribe by
regulations to be deposit liabilities of the Bank.
Deposit
6. The receiver is authorized to adopt and implement, without need of consent of the
stockholders, board of directors, creditors or depositors of the closed bank, any or a
combination of the following modes of liquidation:
I. Conventional liquidation
II. Purchase of assets and/or assumption of liabilities.
Both are true
7. I. The creditors shall have a period of nine (9) months from the date of publication of
notice of the approval by the court of the final asset distribution plan of the closed bank
within which to claim payment of the principal obligations and surplus dividends.
II. The individual stockholders of record of their duly-authorized representative or the
court- appointed stockholders' representative shall have a period of nine (9) months form
publication of notice of the approval by the court of the final asset distribution plan of the
closed bank within which to claim the residual assets.
Only II is true
8. I. The receiver shall have the authority to facilitate and implement the purchase of the
assets of the closed bank and the assumption of its liabilities by another insured bank,
without need for approval of the liquidation courts.
II. The assets gathered by the receiver shall be evaluated and verified as to their
existence, ownership, condition, and other factors to determine their realizable value.
Both are true
9. I. The receiver shall have no authority to invest funds received from the conversion of the
assets of the closed bank in government securities, other government-guaranteed
marketable securities or investment-grade debt instruments.
II. The proceeds of the sale of the bank and branch licenses shall be for the benefits of
the creditors of the closed bank which shall be distributed.
Both are true
10. I. The PDIC upon payment to any depositors shall be subrogated to all rights of the
depositor against the closed bank to the extent of such payment.
II. All payment by the PDIC of insured deposits in closed banks partake of the nature of
public funds.
Both are true
11. The following are the composition of the board of directors of the Philippine Deposit
Insurance Corporation (PDIC), except:
None of the above
12. This term means the net amount due to any depositor for deposits in an insured bank
(after deducting offsets) less any part thereof which is in excess of P10,000. Such net
amount shall be determined according to such regulations as the Board of Directors may
prescribe and in determining the amount due to any depositor there shall be added
together all deposits in the bank maintained in the same capacity and the same right for
his benefit or in his own name or in the names of others.
Insured Deposit
13. PDIC shall not pay deposit insurance for the following accounts or transactions.
Deposit accounts or transactions constituting, and/ or emanating from, unsafe and/ or
unsound banking practice /s.
14. In addition to the powers of a receiver provided under existing laws, the PDIC, as
receiver of a closed bank, is empowered to:
Convert the assets of the closed bank to cash or other forms of liquid assets.
15. I. Whenever a bank is ordered closed by the Monetary Board, the PDIC shall be
designated as receiver and it shall proceed with the takeover and liquidation of the
closed bank
II. The receiver is authorized to adopt and implement, without need of consent of the
stockholders, board of directors, creditors or depositors of the closed bank, any or a
combination of the modes of liquidation
Both are true
16. In the management and/ or conversion of the assets of the closed bank, the receiver
shall have the authority to:
1. Conduct a physical or ocular inspection of the properties owned by, or mortgaged to,
the closed bank, to determine their existence and present condition.
II. Determine the disposal price of assets in accordance with generally accepted
valuation principles, standards and practices.
Both are true
17. The possibility that failure of one bank to settle net transactions with other bank will
trigger a chain reaction, depriving other banks of funds lending to a general shutdown of
normal clearing and settlement activity.
Universal Risk
18.

Insurable Deposits

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