Friday Five Focus on Protection – 5 Questions in 5 Minutes – 13 Nov 2026

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 2026/27, examinable by the CII until 31 August 2027.

1. If a claim is made on a critical illness policy, which factor would NOT usually be checked by the office that issued the policy?
   1. The diagnosed illness is likely to cause death.
   2. If the diagnosed illness is covered by the policy.
   3. Whether the diagnosed illness was not a pre-existing condition.
   4. Whether the policyholder disclosed all relevant facts when applying for the policy.

2. The typical exclusions under a personal accident and sickness insurance policy would include
   1. loss of a leg.
   2. permanent disablement.
   3. death.
   4. normal pregnancy.

3. Caledon Ltd has an agreed overdraft facility with their bank of £50,000. They have only ever used £20,000 of it occasionally to cover short term cash flow problems. In considering the insurance cover they should have on this, the cover should be for
   1. £20,000
   2. the average amount used over the last 5 years.
   3. £50,000
   4. an amount agreed with their bank.

4. Ian has a life assurance policy that includes critical illness. If he wishes to place the policy in trust, he should use a split trust because he can
   1. direct the death benefits to his estate via his will.
   2. choose to direct the critical illness benefits to different beneficiaries.
   3. maintain the death benefit for the intended beneficiaries if he makes a claim on the diagnosis of a critical illness.
   4. receive the benefits if diagnosed with a critical illness.

5. Colin, aged 75, has income in 2026/27 from his basic State pension and savings. In addition to his age, entitlement to the savings credit element of the State pension credit will be determined by Colin’s
   1. level of income.
   2. state of health.
   3. employment status.
   4. National Insurance contribution record.

Answers

1. A; See R05 Study Text, Chp 7; Rationale: Providing the claimant outlives the 14 – 30 days survival period, whether their illness is likely to be terminal is not relevant to the claim.
2. D; See R05 Study Text, Chp 9; Rationale: Normal pregnancy is a typical exclusion under a personal accident and sickness insurance policy. The other events are likely to be covered.
3. C; See R05 Study Text, Chp 11; Rationale: The full amount of the overdraft should be protected, even if they’ve only ever used £20,000 to date.
4. D; See R05 Study Text, Chp 4; Rationale: A split trust should be used, as it will enable him to receive the benefits if he is diagnosed with a critical illness; while in the event of a death claim, the policy proceeds can go to his beneficiaries.
5. A; See R05 Study Text, Chp 3; Rationale: Entitlement to the savings credit element of the State Pension credit is determined by the claimant’s level of income.

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