So you think you know about Protection!

No. of Questions= 10

1. 

What is the minimum initial term for an Endowment Policy to meet the qualifying rules?

a)

Varies depending on type of policy

b)

5 years

c)

10 years

d)

There is no minimum

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2. 

What is the current rate of life assurance premium relief?

a)

10%

b)

12.5%

c)

15%

d)

17.5%

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3. 

Which is the cheapest form of life assurance given the same initial sum assured?

a)

Endowment

b)

Low cost endowment

c)

Conventional whole of life

d)

Decreasing term assurance

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4. 

When is the sum assured payable under a term assurance?

a)

On death within the specified term

b)

On death at any time

c)

On death outside the specified term

d)

On maturity

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5. 

What type of contract is Mortgage Protection Assurance?

a)

A Whole of Life Contract

b)

An Endowment Contract

c)

A Level Term Assurance Contract

d)

A Decreasing Term Assurance Contract

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6. 

If a level temporary assurance is effected today in connection with a mortgage will tax relief on premiums be available?

a)

No

b)

Only for PEP mortgages

c)

Only for mortgages which do not exceed £30,000

d)

Only to a first-time buyer

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7. 

Which of the following is not a type of bonus used for with profit policies?

a)

Reversionary bonus

b)

Surrender bonus

c)

Special bonus

d)

Terminal bonus

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8. 

When is the benefit payable under a family income benefit policy?

a)

On death within the specified term

b)

On death at any time

c)

On death outside the specified term

d)

On maturity

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9. 

When does Critical Illness policy provide capital sum?

a)

On death or partial disability

b)

On death by accident

c)

On diagnosis of an insured illness

d)

On death within a given period due to a critical illness

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10. 

Which of the following is not a typical waiting period under income protection contracts?

a)

4 weeks

b)

13 weeks

c)

28 weeks

d)

52 weeks

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