Which of these sums represents the contribution to the UK’s gross domestic product made by the key classes of business written in the London market each year?
A: £29 bn
B: £10 bn
C: £15 bn
D: £50 bn
A: The key classes of business written in the London market contribute around £29 billion to the UK’s gross domestic product, which accounts for net worldwide premiums of £187 billion.
A: Earned premium only B: All banked funds plus any payments received awaiting banking
After an agency relationship ends, what is the correct treatment of information that was confidential during the life of the agency?
A: The information is only confidential while the agency is operational B: The information must remain confidential, even after the agency has ended
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.