Topic 19 Flashcards
Following a claim under a financial protection policy, it has been discovered that, when applying for the policy, the customer made an honest and reasonable misrepresentation.
In these circumstances, the insurer must:
a. pay the claim in full.
b. refund all the premiums paid.
c. refer the matter to the Financial Ombudsman Service.
d. void the policy.
a. pay the claim in full.
“honest and reasonable misrepresentation”: the consumer took reasonable care but made an honest mistake.
Andy is considering taking out life assurance and is reviewing a comparison site on the internet. Which of the following is true?
The comparison site is most likely to:
a. be able to deal with complex circumstances.
b. exclude some product providers.
c. offer basic regulated advice.
d. only enable him to obtain generic information.
b. exclude some product providers.
Which of the following factors is most likely to require a protection adviser to establish an order of priority for a customer’s various financial protection needs?
The:
a. customer’s budget.
b. customer’s tax status.
c. lack of availability of products on the market.
d. number of products that can be recommended at one time.
a. customer’s budget.
Under ICOBS 7, the period during which a policyholder can cancel a home insurance contract without penalty is:
a. 14 days from the policy starting or receipt of the policy documents, whichever is later.
b. 14 days from the policy starting or receipt of the policy documents, whichever is sooner.
c. 30 days from the policy starting or receipt of the policy documents, whichever is later.
d. 30 days from the policy starting or receipt of the policy documents, whichever is sooner.
a. 14 days from the policy starting or receipt of the policy documents, whichever is later.
What is the typical duration of the cooling-off period for a critical illness insurance policy?
a. 7 days.
b. 14 days.
c. 28 days.
d. 30 days.
d. 30 days.
