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Friday Five – 1 May – 5 Questions in 5 Minutes

Friday Five – 1 May – 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.

Questions

IMPORTANT!  These questions relate to examinable tax year 2019/20, examinable by the CII until 31 August 2020.  They do not relate to tax year 2020/21 which is only examinable by the CII from 1 September 2020.

  1. The term ‘bancassurer’ is used to describe:
    1. a bank’s re-assurer.
    2. a life office owned by a bank to distribute products via their branches.
    3. advisers who sell life assurance via one of the high street banks.
    4. tied advisers who are restricted to selling life assurance only.
  1. If a company’s share price was 225p, and its earnings per share were 42.4p, what is the Price Earnings Ratio?
    1. 18.84
    2. 9.54
    3. 1.88
    4. 5.31
  1. What happens to ‘excluded property’ trusts in the event of the settlor subsequently becoming UK domiciled?
    1. The trust assets remain protected from Inheritance Tax (IHT).
    2. The trust becomes part of the settlor’s worldwide assets and is liable to IHT.
    3. The trust is subject to IHT, but relief given for the period the settlor was a non-UK domicile.
    4. If at least one of the trustees is UK resident, then the domicile status of the settlor has no effect.
  1. Johnny has always been self-employed. He should be aware that his entitlement to the new State pension is accumulated through which of the following classes of National insurance contributions?
    1. Class 1
    2. Class 2
    3. Class 3
    4. Class 4
  1. The improvements in mortality rates over the last 30 years has led to more aggressive underwriting processes, which result in more lives being:
    1. rated.
    2. declined.
    3. accepted at lower rates.
    4. accepted at normal rates.

 

Answers

  1. B – See R01 Study Text, Chp 1
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. D – See R02 Study Text, Chp 1:2
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. A – See R03 Study Text, Chp 12
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. B – See R04 Study Text, Chp 7
    Grab our taster mock exam paper for CII R04 Click here to download.
  1. A – See R05 Study Text, Chp 1
    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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