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If two banks holding a person's funds close on the same day, funds are:

AInsured selectively
BInsured sequentially
CInsured separately
DInsured singularly
Answer & Solution
Correct answer: C. Insured separately
1. The date of closure does not merge the two claims. 2. Each bank is treated on its own footing. 3. The funds from each bank are insured separately. _Source: DICGC, Guide to Deposit Insurance_
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