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The Technical Quiz- July 19th

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions:

A married couple in their sixties are effecting life cover to provide for the potential IHT liability on their assets when they die. How should the policy be written?

A Joint life first death
B Joint life first death, in trust
C Joint life last survivor in trust
D Two separate single life policies in trust 

All other things being equal, which of the following would you consider to be the cheapest type of insurance policy?

A Level term assurance
B Index-linked term assurance
C Convertible term assurance
D Whole of life cover

Amy wants to take out life cover on the life of her husband Justin.  She does not want to use a trust.  How should the policy be written so the policy proceeds will not form part of Justin’s estate on his death?

A Joint life first death
B Joint life second death
C Only using a trust can achieve this
D A life of another basis 
In connection with life assurance, at what stage must an insurable interest exist?

A Throughout the existence of the policy
B At outset
C At the time of claim
D At outset and at the time of any assignment

One of the main benefits of having a protection policy under trust is that:

A The policy proceeds are not subject to probate on death
B The policy proceeds are subject to IHT at lifetime rates
C A “quick” probate procedure is available for the policy
D The policy proceeds will be paid to the surviving spouse

Questions supplied by Technical Connection

Answers: C, A, D, B, A


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