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.
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.
- The term ‘bancassurer’ is used to describe:
- a bank’s re-assurer.
- a life office owned by a bank to distribute products via their branches.
- advisers who sell life assurance via one of the high street banks.
- tied advisers who are restricted to selling life assurance only.
- If a company’s share price was 225p, and its earnings per share were 42.4p, what is the Price Earnings Ratio?
- What happens to ‘excluded property’ trusts in the event of the settlor subsequently becoming UK domiciled?
- The trust assets remain protected from Inheritance Tax (IHT).
- The trust becomes part of the settlor’s worldwide assets and is liable to IHT.
- The trust is subject to IHT, but relief given for the period the settlor was a non-UK domicile.
- If at least one of the trustees is UK resident, then the domicile status of the settlor has no effect.
- 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?
- Class 1
- Class 2
- Class 3
- Class 4
- The improvements in mortality rates over the last 30 years has led to more aggressive underwriting processes, which result in more lives being:
- accepted at lower rates.
- accepted at normal rates.
- B – See R01 Study Text, Chp 1
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See R02 Study Text, Chp 1:2
Grab our taster mock exam paper for CII R02. Click here to download.
- A – See R03 Study Text, Chp 12
Grab our taster mock exam paper for CII R03. Click here to download.
- B – See R04 Study Text, Chp 7
Grab our taster mock exam paper for CII R04 Click here to download.
- 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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