Friday Five – 29 November – 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 2019/20, examinable until 31 August 2020.
- Data on policy cancellations or policy lapses is often called:
- cancellation rate
- duration rate
- duration of products
- persistency of products
- Sam is self-employed and in his VAT return has reported output VAT of £10,000 and input VAT of £6,000. How much VAT will Sam either owe HMRC or be able to reclaim?
- He will owe £1,000.
- He will owe £800.
- He can reclaim £1,000.
- He can reclaim £800.
- Alan opted for enhanced protection as, at A-day, his tax-free cash sum was £490,000 from a total fund of £1.4m. Assuming crystallisation in 2019/20 and an increase in the fund to £2m, calculate Alan’s tax-free cash.
- Robert has life assurance provided by his employer through his pension scheme which includes a continuation option. This means that Robert can:
- Pay to continue the cover if he leaves the company
- Take out a new policy if he leaves the company based on his age at the time
- Continue to receive the cover at no cost if he leaves the company
- Transfer the cover to a new employer if he leaves the company
- There are eight main UK equity indices relating to different levels of capitalisation of which the FTSE All-Share and the FTSE 100 are the best known and most widely used. The FTSE All-Share index comprises the:
- FTSE 100 and the FTSE 250
- FTSE 100, the FTSE 250 and the FTSE Smallcap
- FTSE 100, the FTSE 250 and the FTSE 350
- FTSE 100 and FTSE Smallcap
- D – See R01 Study Text, Chp 10
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See R03 Study Text, Chp 8
Grab our taster mock exam paper for CII R03. Click here to download.
- C – See R04 Study Text, Chp 2.2
Grab our taster mock exam paper for CII R04. Click here to download.
- B – See R05 Study Text, Chp 4
Grab our taster mock exam paper for CII R05. Click here to download.
- B – See J10 Study Text, Chp 9
Grab our taster mock exam paper for CII J10. 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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