Nearly 1 million free-resource-downloads and-counting
Friday Five Focus on Protection – 23 October – 5 Questions in 5 Minutes

Friday Five Focus on Protection – 23 October – 5 Questions in 5 Minutes

Friday Five Focus on Protection – 5 Questions in 5 Minutes Every Friday

What’s this all about?

Each week, we ask questions relating to one of these topics: Investments, Taxation, Pensions, Protection, or Regulation. This week, our Friday Five is relevant to Protection; this is useful as you prepare for the CII’s R05 exam. 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 2020/21, examinable by the CII until 31 August 2021.

  1. Who of the following would be eligible for Statutory Sick Pay?
    1. Philip, employed part-time and not paying any National Insurance contributions
    2. Steven, self-employed and paying Class 2 and Class 4 National Insurance contributions
    3. Brenda, currently on a career break and paying Class 3 National Insurance contributions
    4. Miriam, employed and paying Class 1 National Insurance contributions
  1. John is paying regular monthly premiums on a life assurance policy to protect a potential inheritance tax liability. Which of the following exemptions from inheritance tax could he claim against the annual premiums totalling £3,200?
    1. The annual exemption and/or the normal expenditure out of income
    2. The annual exemption only
    3. The small gifts exemption
    4. The life assurance premium exemption
  1. Maureen who is currently on a sabbatical from work wants an income protection policy. Which of the following is the maximum amount of benefit likely to be available?
    1. £1,000 per month
    2. £100,000 over the lifetime of the policy
    3. £15,000 per year
    4. £250 per month
  1. George has a term assurance policy that includes terminal illness benefit. If he makes a claim, it will be paid if the life office decides that his life expectancy is less than:
    1. 6 months.
    2. 18 months.
    3. 12 months.
    4. 9 months.
  1. Evelyn has just taken out a new mortgage and is interested in taking out mortgage payment protection insurance. For how long must the lender wait before they can set this up?
    1. 3 days
    2. 7 days
    3. 14 days
    4. 21 days

 

Answers

  1. D – See R05 Study Text, Chp 3
    Grab our taster mock exam paper for CII R05. Click here to download.
  1. A – See R05 Study Text, Chp 5
    Grab our taster mock exam paper for CII R05. Click here to download.
  1. C – See R05 Study Text, Chp 6
    Grab our taster mock exam paper for CII R05. Click here to download.
  1. C – See R05 Study Text, Chp 4
    Grab our taster mock exam paper for CII R05 Click here to download.
  1. B – 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.

I've just answered this week's Friday Five CII exam questions - can you? #Fri5 Click To Tweet

 

Don't want to miss the Friday Five? Click here to sign up for email notification of new posts.