QFA LIFE ASSUARANCE
Don't give up now! Trust the process.
Q time:
Your FA 1 L IFE ASSUARANCE SAMPLE
min.
PA P E R 1 Q U E0S T I O N S W I T H
Correct
0%
VERIFIED ANSWERS
Incorrect 100
Your answers
1 of 100
Term
A unit-linked whole of life policy has life cover of €100,000. It also
has 1,450 units allocated to the policy and the current unit price is
€1.44.
What is the current encashment value of the policy, before exit tax?
A €1,007
B €2,088
C €97,912
D €100,000
Give this one a go later!
D B
5.1.3 - Life Assurance policies 6.2.3.2 - Own life in trust
, B B
2.3.2.1 - Unit linked policies 2.2.4 - Regular Income Benefit
Don't know?
2 of 100
Term
Tom and Jerry, who are brothers, jointly own an investment property
as tenants in common. They each contributed 50% of the purchase
price. If Tom dies, what happens to ownership of the property?
A Jerry now owns it completely
B Tom's 50% share goes to his estate
C Tom's 50% share automatically goes to his surviving spouse or civil
partner
D Jerry must buy out Tom's 50% share from his estate
Give this one a go later!
C B
8.1.7 - Death benefit 13.6.2 - Claims procedures
B D
5.1.2 - Jointly owned assets 2.3.3 - Joint Life cover
Don't know?
, 3 of 100
Term
Which of the following inheritances received by Shane from his
deceased wife, Jackie, are exempt from inheritance tax?
(i) The proceeds of a life assurance policy on Jackie
(ii) An investment property owned by Jackie
(iii) The proceeds of a PRSA held by Jackie
A (i) only
B (iii) only
C (ii) and (iii) only
D (i), (ii) and (iii)
Give this one a go later!
A D
6.1 - Business Structures 2.3.2.6 - Bomb out
D B
4.2.8.1 - Inheritance Tax 8.1.8 - Investment risk
Don't know?
4 of 100
Term
, Frank is self-employed and is currently aged 32. His total income in
2020 is €125,000.
What is the MAXIMUM amount of Income Protection premiums on
which Frank can get income tax relief in 2020?
A €10,000
B €11,500
C €12,500
D €25,000
Give this one a go later!
C B
14.3.3 - Discounting 14.3.2 - Accumulation
D C
6.3.4 - Taxation 3.2.3 - Taxation
Don't know?
5 of 100
Term
Owen is insured on a policy for €100,000 life cover with €100,000
stand alone serious illness cover.
If Owen makes a successful serious illness claim what life cover, if
any, will he still have after the serious illness claim is paid out?
A Nil.
Don't give up now! Trust the process.
Q time:
Your FA 1 L IFE ASSUARANCE SAMPLE
min.
PA P E R 1 Q U E0S T I O N S W I T H
Correct
0%
VERIFIED ANSWERS
Incorrect 100
Your answers
1 of 100
Term
A unit-linked whole of life policy has life cover of €100,000. It also
has 1,450 units allocated to the policy and the current unit price is
€1.44.
What is the current encashment value of the policy, before exit tax?
A €1,007
B €2,088
C €97,912
D €100,000
Give this one a go later!
D B
5.1.3 - Life Assurance policies 6.2.3.2 - Own life in trust
, B B
2.3.2.1 - Unit linked policies 2.2.4 - Regular Income Benefit
Don't know?
2 of 100
Term
Tom and Jerry, who are brothers, jointly own an investment property
as tenants in common. They each contributed 50% of the purchase
price. If Tom dies, what happens to ownership of the property?
A Jerry now owns it completely
B Tom's 50% share goes to his estate
C Tom's 50% share automatically goes to his surviving spouse or civil
partner
D Jerry must buy out Tom's 50% share from his estate
Give this one a go later!
C B
8.1.7 - Death benefit 13.6.2 - Claims procedures
B D
5.1.2 - Jointly owned assets 2.3.3 - Joint Life cover
Don't know?
, 3 of 100
Term
Which of the following inheritances received by Shane from his
deceased wife, Jackie, are exempt from inheritance tax?
(i) The proceeds of a life assurance policy on Jackie
(ii) An investment property owned by Jackie
(iii) The proceeds of a PRSA held by Jackie
A (i) only
B (iii) only
C (ii) and (iii) only
D (i), (ii) and (iii)
Give this one a go later!
A D
6.1 - Business Structures 2.3.2.6 - Bomb out
D B
4.2.8.1 - Inheritance Tax 8.1.8 - Investment risk
Don't know?
4 of 100
Term
, Frank is self-employed and is currently aged 32. His total income in
2020 is €125,000.
What is the MAXIMUM amount of Income Protection premiums on
which Frank can get income tax relief in 2020?
A €10,000
B €11,500
C €12,500
D €25,000
Give this one a go later!
C B
14.3.3 - Discounting 14.3.2 - Accumulation
D C
6.3.4 - Taxation 3.2.3 - Taxation
Don't know?
5 of 100
Term
Owen is insured on a policy for €100,000 life cover with €100,000
stand alone serious illness cover.
If Owen makes a successful serious illness claim what life cover, if
any, will he still have after the serious illness claim is paid out?
A Nil.
