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If a person holds deposits in two different banks, the cover is:
AApplied singly
BApplied sparingly
CApplied separately
DApplied severally
Answer & Solution
Correct answer: C. Applied separately
1. The limit attaches to the bank, not the person.
2. Two banks mean two separate covers.
3. The limit is applied separately to each bank.
_Source: Deposit Insurance and Credit Guarantee Corporation, Guide to Deposit Insurance and depositor FAQs_
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