In the context of retirement product payments, which option requires a receipt from the intermediary?

• A. Payroll deduction mandates.
• B. Direct debit mandates.
• C. Cheque for renewal premium.
• D. Buy-out Bond application.

Answer: (C)

When a payment comes in as a manual paper instrument, like a cheque for renewal premium, the intermediary typically issues a receipt to prove that funds were received and correctly posted to the policy. This creates a clear audit trail and confirms to the client that the renewal is being processed.

Payroll deduction and direct debit are automatic, pre-authorized arrangements; the payment flow is handled by the employer or bank and the insurer’s systems, so a separate intermediary receipt at the moment of payment isn’t usually required. A buy-out bond application involves an investment transaction rather than a straight renewal payment, and while documentation is issued, the specific need for an intermediary receipt tied to the payment itself is less central than in the manual cheque scenario.

So the cheque for renewal premium is the scenario where a receipt from the intermediary is most clearly required.