A five-year endowment policy matured on 1 August 2017 with a maturity value of £40,000. The policy had been taken out with a single premium of £30,000. What is the amount of the top-sliced gain?
A – £10,000
B - £40,000
C – £8,000
D – £2,000
D: The chargeable gain is £10,000 being the maturity value of £40,000 less the single premium of £30,000. The top sliced gain is £10,000/5 years = £2,000.
In what way has the Fourth EU Motor Insurance Directive made it easier for victims to make claims against drivers from another state?
A: It requires vehicles coming from other states to display a windscreen insurance disc B: It requires motor insurers to maintain a branch in each member state of the EU C: It requires motor insurers to maintain a representative in each member state of the EU D: It requires the local Motor Insurers' Bureau to deal with all claims involving foreign motorists
A: Reinstatement B: New for old C: Indemnity D: Replacement
Which of these methods explains how a periodic payment for a personal injury claim is typically funded?
C: The income may be funded directly from an insurer's reserves or by the purchase of an annuity.