QFA Life Assurance Practice Questions - QFA Life Assurance (LIA IOB, Ireland) Exam

What is the primary purpose of a Section 72 life assurance policy in Ireland?

To provide a tax-free savings vehicle for first-time buyers' deposits To fund the inheritance tax liability of the policyholder's beneficiaries without incurring further tax To pay off a residential mortgage in the event of the policyholder's death To provide tax-relieved retirement income for directors of proprietary companies

Correct Answer:

To fund the inheritance tax liability of the policyholder's beneficiaries without incurring further tax

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