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.
Which of these pieces of consumer legislation replaced the other three pieces of legislation listed here?
C: The Consumer Rights Act 2015 became law on 1 October 2015, replacing three major pieces of consumer legislation: the Sale of Goods Act, the Unfair Terms in Consumer Contracts Regulations, and the Supply of Goods and Services Act.
D. In its widest sense, telematics is a term used to describe the exchange of data, potentially over long distances, across a wireless communications network in real time.
B: Days of grace are not an extension of cover, but rather a specified number of days (15 or 30 days) into the next period of insurance when the insured can still renew cover.