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Friday Five Focus on Protection – 4 June – 5 Questions in 5 Minutes

Friday Five Focus on Protection – 4 June – 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. They do not relate to tax year 2021/22 which is only examinable by the CII from 1 September 2021.

  1. After a full review, an adviser has recommended to their client that they take out both term assurance cover and income protection insurance. The client only agrees to the term assurance cover. What is best practice as to how the adviser should proceed?
    1. Proceed with the term assurance but ask the client to confirm in writing that they did not want the income protection insurance
    2. Advise the client that they are unable to act for them anymore
    3. Refuse to proceed unless the client accepts the full recommendation
    4. Take no action and suggest that the matter is looked at in the next review meeting
  1. In relation to the State pension credit, an individual reaching State pension age on or after 6 April 2016 may normally be entitled to:
    1. The guarantee credit only
    2. The savings credit only
    3. Both the guarantee and the savings credit
    4. Neither the guarantee nor the savings credit
  1. Sheila, aged 53, has just taken out an endowment assurance policy. The policy will remain within the qualifying rules if the sum assured on death is at least what percentage of the total premiums payable if the policy ran for its full term?
    1. 65%
    2. 69%
    3. 75%
    4. 80%
  1. Where a business is considering putting in place key person insurance, they could do this in the form of:
    1. life assurance or critical illness only
    2. life assurance, critical illness or income protection
    3. critical illness or income protection only
    4. life assurance or income protection only
  1. Pauline is returning to a different employment after a period of illness when she was claiming benefits from her income protection policy. If this results in her receiving a lower level of pay, which benefit may her policy pay to her?
    1. A lump sum payment
    2. A proportionate benefit in relation to her new earnings
    3. A rehabilitation benefit in relation to her new earnings
    4. The same level of benefit for a maximum of 2 years

 

Answers

  1. A – See R05 Study Text, Chp 10
    Grab our taster mock exam paper for CII R05. Click here to download.
  1. A – See R05 Study Text, Chp 3
    Grab our taster mock exam paper for CII R05. Click here to download.
  1. C – See R05 Study Text, Chp 5
    Grab our taster mock exam paper for CII R05. Click here to download.
  1. B – See R05 Study Text, Chp 2
    Grab our taster mock exam paper for CII R05 Click here to download.
  1. B – See R05 Study Text, Chp 6
    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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