Question

Which products are considered "covered products" by the Treasury Department and are subject to anti-money regulations?

A. Term life insurance
B. Health insurance
C. Whole life insurance
D. Annuities
E. Group life insurance

A. A, C and D
B. C and D
C. B, C and D
D. C, D and E
E. All of the above

Answer 1

B) C and D

• C. Whole life insurance
• D. Annuities

Step-by-step explanation:

Anti-Money Laundering (AML) regulations identified the following insurance products as covered products:

• Permanent life insurance policy, other than a group and term life insurance policy
• An annuity contract, other than a group annuity contract
• Any other insurance product with features of cash value or investment.

The AML's main goal is detect and stop terrorist financing.