Multi-Tie Protection Advice Standards Test 2020 (re-sit) Survey

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* 2. For mortgage decreasing life/CIC policies, our default “policy assumed interest rate” is 8%. Whilst this must never be increased for a standard mortgage, what effect will it have on the premium if you reduce rate, say to 6%?

It will reduce the premium.

It will increase the premium.

The premium stays the same

I honestly don’t know for sure

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* 3. Where a client has an existing CIC policy, what report must you always obtain before making a recommendation to cancel and replace the existing cover?

The key features of the original CIC policy, listing the illnesses covered.

CI Expert report.

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* 4. Where a client wishes to review their critical illness needs, which insurer should you currently recommend?

Guardian

Zurich Select

Vitality

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* 5. Mr & Mrs Smith take out a joint repayment mortgage for £200,000 over 25 years, with a £995 fee being added to the mortgage. What would you recommend where they only wish to review their life cover for their mortgage?

Joint life DTA for £200,000 over 25 years.

Joint life DTA & CIC for £200,995 over 25 years.

Joint life DTA for £200,995 over 25 years.

2 x single life DTA policies for £200,995 over 25 years.

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* 6. Where the client explains the cost of CIC is too expensive, what could you do to bring the cost down without changing the term or level of cover?

Recommend they take out IP instead.

Offer (not recommend) a cheaper CIC product.

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* 7. Mr & Mrs Jones want to review life cover for the shared ownership mortgage you have arranged. Do you need to recommend cover for the rental element, and if so what?

No, just the mortgage element.

Yes, increasing/indexed term for the full value owned by the housing association.

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* 8. Life cover for a fit and healthy individual means you should always recommend which insurer’s product?

Our preferred insurer.

The cheapest insurer.

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* 9. Where a client agrees to review the life cover for their mortgage but to address their mortgage needs you make a third party referral for a 2nd charge mortgage, do you then need to recommend life cover for the 2nd charge mortgage debt?

Yes.

No.

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* 10. When recommending family protection as cover beyond the mortgage debt, which type of cover should you recommend, and why?

Family income benefit, for the full mortgage amount.

Family income benefit, to replace the lost income of the deceased so that the household’s standard of living is maintained.

Lump sum life cover, so the client can choose how and when they use the capital.

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* 11. Your client prefers the option of SIC rather than CIC to cover their mortgage amount, what policy would you recommend?

Serious Illness with Optimiser

Serious Illness Essentials with Wellness Optimiser

Serious Illness Mortgage Plan

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* 12. When recommending AS/U to a face to face client which is linked to a mortgage sale, after how many days from your advice (or the Mortgage Offer) do you need to wait before applying because of the Prohibition Period?

5 working days.

8 working days.

14 working days.

20 working days.

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* 13. Where do you go to in the first instance to find the latest copy of The Protection Advice Standards (PAS) 06/2020

The Knowledge Hub

Your Sales Manager

Pete Burgess

A colleague

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* 14. When recommending costed additional benefits to a B&C policy, when do you need to explain and justify these to the client?

When recommending the product

In your PRWL

Both of the above.

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* 15. Which of the following single life products do you recommend is always written in trust?

Term Assurance

Term Assurance + Critical Illness Cover

Income Protection

Family Income Benefit

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* 16. You need to issue your PRWL by the earlier of?

10 days from the client accepting your advice

The policy going on risk

The earlier of the above two situations.

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* 17. If an underwriting decision means you need to re-advise the client, do you need to reconfirm affordability in the RWL addendum letter?

Yes

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* 18. Where your record is ‘case checked’ within how many days must your remedial work be completed?

5 working days.

10 working days.

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* 19. What do you need to provide upon a general insurance sale?

Insurance Product Information Sheet IPID

General Insurance Fact Sheet

Buyers Guide

IDED

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* 20. And finally, as a protection Adviser what is your understanding of the minimum regulatory requirements concerning Continual Professional Development (CPD)?

30 Hours Insurance CPD Per Annum

15 Hours combined mortgage and Insurance CPD Per Annum

20 Hours Insurance CPD Per Annum

15 Hours Insurance CPD Per Annum

Multi-Tie Protection Advice Standards Test 2020 (re-sit)

Protection Advice Standards PAS 06/2020

Question Title

* 1. Your Name

Question Title

* 2. For mortgage decreasing life/CIC policies, our default “policy assumed interest rate” is 8%. Whilst this must never be increased for a standard mortgage, what effect will it have on the premium if you reduce rate, say to 6%?

Question Title

* 3. Where a client has an existing CIC policy, what report must you always obtain before making a recommendation to cancel and replace the existing cover?

Question Title

* 4. Where a client wishes to review their critical illness needs, which insurer should you currently recommend?

Question Title

* 5. Mr & Mrs Smith take out a joint repayment mortgage for £200,000 over 25 years, with a £995 fee being added to the mortgage. What would you recommend where they only wish to review their life cover for their mortgage?

Question Title

* 6. Where the client explains the cost of CIC is too expensive, what could you do to bring the cost down without changing the term or level of cover?

Question Title

* 7. Mr & Mrs Jones want to review life cover for the shared ownership mortgage you have arranged. Do you need to recommend cover for the rental element, and if so what?

Question Title

* 8. Life cover for a fit and healthy individual means you should always recommend which insurer’s product?

Question Title

* 9. Where a client agrees to review the life cover for their mortgage but to address their mortgage needs you make a third party referral for a 2nd charge mortgage, do you then need to recommend life cover for the 2nd charge mortgage debt?

Question Title

* 10. When recommending family protection as cover beyond the mortgage debt, which type of cover should you recommend, and why?

Question Title

* 11. Your client prefers the option of SIC rather than CIC to cover their mortgage amount, what policy would you recommend?

Question Title

* 12. When recommending AS/U to a face to face client which is linked to a mortgage sale, after how many days from your advice (or the Mortgage Offer) do you need to wait before applying because of the Prohibition Period?

Question Title

* 13. Where do you go to in the first instance to find the latest copy of The Protection Advice Standards (PAS) 06/2020

Question Title

* 14. When recommending costed additional benefits to a B&C policy, when do you need to explain and justify these to the client?

Question Title

* 15. Which of the following single life products do you recommend is always written in trust?

Question Title

* 16. You need to issue your PRWL by the earlier of?﻿

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* 17. If an underwriting decision means you need to re-advise the client, do you need to reconfirm affordability in the RWL addendum letter?

Question Title

* 18. Where your record is ‘case checked’ within how many days must your remedial work be completed?

Question Title

* 19. What do you need to provide upon a general insurance sale?

Question Title

* 20. And finally, as a protection Adviser what is your understanding of the minimum regulatory requirements concerning Continual Professional Development (CPD)?

* 16. You need to issue your PRWL by the earlier of?