What kind of entry is typically submitted for notifying about a person’s passing?

What kind of entry is typically submitted for notifying about a person’s passing?

• A. Child Support Payment Entry
• B. Death Notification Entry
• C. Survivor Benefit Entry
• D. Medical Expense Entry

Answer: (B)

The option indicating a "Death Notification Entry" is correct because it specifically serves the purpose of notifying financial institutions or relevant parties about a person's passing. This entry type is important for maintaining accurate records regarding accounts, especially to close accounts or address beneficiary claims. In ACH (Automated Clearing House) transactions, this entry can help ensure that any ongoing transactions, such as direct deposits or withdrawals, are halted in light of the death. This entry type is distinct from others that primarily focus on ongoing financial obligations or benefits. For example, child support payment entries deal with arrangements related to child support obligations, survivor benefit entries typically pertain to pension or social security benefits for survivors, and medical expense entries focus on healthcare-related payments. None of these alternatives are designed to formally notify about a person's death, which is why the death notification entry is the appropriate choice.

The option indicating a "Death Notification Entry" is correct because it specifically serves the purpose of notifying financial institutions or relevant parties about a person's passing. This entry type is important for maintaining accurate records regarding accounts, especially to close accounts or address beneficiary claims. In ACH (Automated Clearing House) transactions, this entry can help ensure that any ongoing transactions, such as direct deposits or withdrawals, are halted in light of the death.

This entry type is distinct from others that primarily focus on ongoing financial obligations or benefits. For example, child support payment entries deal with arrangements related to child support obligations, survivor benefit entries typically pertain to pension or social security benefits for survivors, and medical expense entries focus on healthcare-related payments. None of these alternatives are designed to formally notify about a person's death, which is why the death notification entry is the appropriate choice.