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For the purposes of safeguarding customer information, which of the following would be considered a covered account?

Answer :

A margin account in the name of Mary Beth Simmons. So, option b. is the correct answer. The term covered account does not pertain to institutional customers, such as banks, pension funds, and investment companies.

A covered account is an account especially for personal, family, or household objectives, that implicates or is organized to allow multiple expenses or transactions, or any different account for which there is a reasonably foreseeable threat to customers or the security and soundness of the financial institution or creditor from individuality theft. Each financial institution and the creditor must occasionally discern whether it proposes or maintains a covered account.

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Complete question:

For purposes of safeguarding customer information, which of the following would be considered a covered account?

A. An account in the name of the State of X employee pension fund

B. A margin account in the name of Mary Beth Simmons

C. An account in the name of the Wells Morgan Bank

D. A margin account in the name of the Interglobal Hedge Fund

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