Friday Five – 1 February – 5 Questions in 5 Minutes
Welcome to this week’s Friday Five – 5 Questions in 5 Minutes Every Friday
What’s this all about?
It’s a bit of Friday Fun where we provide you with 5 questions relevant to a mix of CII exams. The challenge is for you to answer them in 5 minutes. Answers at the bottom of the page.
These questions relate to examinable tax year 2018/19, examinable until 31 August 2019.
- Under ICOBS rules, who is responsible for ensuring an intermediary is authorised to deal with an insurer?
- The responsibility lies solely with the intermediary
- An insurer must ensure that any intermediary it deals with is authorised
- An intermediary would not be able to contact an insurer unless they were authorised
- It is solely the FCA’s responsibility to ensure all intermediaries are authorised
- Which of the following is a type of credit risk?
- Susan is considering purchasing unit trusts and OEICs. She should be aware that: Tick all that apply.
- Both products are exempt from Capital Gains Tax in the hands of the investor
- She will be buying units in the unit trust and shares in the OEIC
- Both unit trusts and OEICs are classed as collective investments
- Dividends from both products are paid gross
- Adam is 63 and is considering using his personal pension fund to purchase a lifetime annuity. According to HMRC requirements, what is the statutory escalation that must be included?
- There is no statutory escalation requirement.
- By RPI.
- By RPI or 2.5%.
- By CPI or 5%
- Jack, who is married to Vera, has an endowment policy approaching maturity. The life office’s form of discharge can be signed by:
- Jack or his solicitor
- Jack or Vera
- Jack or anyone appointed by him
- Jack only
- B – See R01 Study Text, Chp 5:2
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See R02 Study Text, Chp 5
Grab our taster mock exam paper for CII R02. Click here to download.
- BCD – See R03 Study Text, Chp 10
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 6:1
Grab our taster mock exam paper for CII R04. Click here to download.
- D – See R05 Study Text, Chp 4
Grab our taster mock exam paper for CII R05. Click here to download.
How did you find this week’s questions? Did you complete them in 5 minutes? Did you get them all correct? Do you disagree with any?
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