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Exam CRCM topic 1 question 65 discussion

Actual exam question from ABA's CRCM
Question #: 65
Topic #: 1
[All CRCM Questions]

This is a loan term or an arrangement that modifies a loan term under which a bank agrees to cancel all or part of a customer's loan obligation on the occurrence of a specified event. It may be included as a part of the loan documents, or it may be a separate agreement. What is it?

  • A. Debt suspension agreement (DSA)
  • B. Anti-dying
  • C. Debt cancellation contract (DCC)
  • D. ALLL
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Suggested Answer: C 🗳️
by Cam22 at March 15, 2024, 2:06 a.m.

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Cam22
4 months ago
Selected Answer: C
A debt cancellation contract (DCC) is a loan term or arrangement in which a bank agrees to cancel all or part of a customer's loan obligation upon the occurrence of a specified event, such as death, disability, or involuntary unemployment. It may be included as part of the loan documents or as a separate agreement.
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