Where war risks cover is purchased as part of aircraft insurance, on what basis will liability coverage for war risks apply?
A – On an any one incident basis
B – On an aggregate basis for all incidents within a defined war zone
C – On an aggregate basis for all incidents within a defined geographical radius
D – On an aggregate basis for all aircraft insured under the policy
D: Liability coverage for war risks will be on an aggregate basis for all aircraft insured under the policy. There may be a maximum that can be recovered in any one location.
A: Reinstatement B: New for old C: Indemnity D: Replacement
C: The process by which criminals hide the true origin and ownership of money.
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?
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.