New Business Procedures Flashcards
Is an acceptance letter legally an acceptance?
No
Which is more common on a joint life first death policy; a joint tenancy or a tenancy in common?
A joint tenancy
What must providers of pure protection life policies send a customer before they enter into a contract with them?
The information required by the solvency II directive before entering into the contract
How long is the cancellation period for a life policy?
30 days
At what point in the sales process should initial disclosure documentation be given to a client?
Pre sale
Who can save IHT on a life policy under seal?
The estate of a non UK domiciled policy holder
What must an advisor give to a customer before the proposal form is signed?
For packaged retail and investment based products (PRIIPS) FCA rules require a key information document (KID) For non PRIIPS it’s a key features document. Collective investment scheme investors currently have a key investor information document. (KIIDS)
What is the legal status of an acceptance letter?
A counter offer
What is tenancy in common?
A type of joint ownership where on the death of one Tennant their ownership passes to their estate
Specify 3 additional benefits that might be added to a life policy
Wavier of premium, disability, double accident, increasing or health cate benefits
What is the impact of a life office not sending a cancellation notice to a customer?
The customer can always cancel at any time
What are days of grace?
A number of days after the due date of the premium, during which the policy remains in force to enable the premium to be paid
An individuals domicile is particularly relevant for which tax?
IHT
What, by law, is considered the offer for a life policy?
The proposal form
What is a form of inital charging?
A non - allocation period
