Friday Five – 24 January – 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

These questions relate to examinable tax year 2019/20, examinable until 31 August 2020.

1. What is the Money Advice Service?
   1. A website and helpline offering clear and impartial information for consumers
   2. A research website designed to assist authorised firms
   3. A debt counselling service for consumers who face debt problems
   4. A web-based regulated firm for clients who do not want face to face advice

2. Which of the following are perceived to be advantages of with profit investments? Tick all that apply.
   1. Transparency
   2. Reduced reversionary bonuses
   3. Provide exposure to equity markets for relatively risk-averse investors
   4. Ownership represents ownership rights in the life office

3. Which of the following individuals would be entitled to National Insurance credits? Tick all that apply.
   1. Harriet, aged 19, who is on an approved full-time training course
   2. Charlotte who earns £140 a week
   3. Matt who is taking statutory paternity leave
   4. Archie, aged 55, who has retired
   5. Gemma who has left work to consider re-training

4. Other than a member in capped drawdown requesting to end the reference period early, what other events may trigger this: Tick all that apply.
   1. Part of the fund being used to purchase a scheme pension
   2. Part of the fund is used to purchase a lifetime annuity
   3. The member reaches age 70
   4. The member has used part of their funds to provide a drawdown pension and then designates further funds to provide extra

5. In which of the following circumstances is it most likely that the benefits provided from a personal accident and sickness policy would be linked to salary rather than fixed sums?
   1. When the policy is provided as a group scheme by an employer
   2. When the policy is a short-term policy
   3. When the policy includes a weekly sickness benefit
   4. When the policy is taken out as a standalone contract

Answers

1. A – See R01 Study Text, Chp 7
   Grab our taster mock exam paper for CII R01. Click here to download.

2. CD – See R02 Study Text, Chp 6:2
   Grab our taster mock exam paper for CII R02. Click here to download.

3. ABC – See R03 Study Text, Chp 2
   Grab our taster mock exam paper for CII R03. Click here to download.

4. ABD – See R04 Study Text, 6.2
   Grab our taster mock exam paper for CII R04 Click here to download.

5. A – See R05 Study Text, Chp 9
   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?

If you found this quiz useful for your CII exam revision, please do share it with your colleagues.