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

Question 1

Under the Central Bank of Ireland's Minimum Competency Code, what is the minimum annual continuing professional development (CPD) hours requirement for an individual holding the QFA designation?

10 hours, with at least 1 hour in each category of retail financial product 15 hours, with at least 1 hour in each product category for which they are accredited 20 hours, with a minimum of 5 hours dedicated to ethics and regulation 30 hours, divided equally among all financial service categories

Correct Answer:

15 hours, with at least 1 hour in each product category for which they are accredited

Question 2

A client wishes to take out a life assurance policy on their business partner to cover the potential financial loss of their partner's death. For this contract to be legally valid in Ireland, when must insurable interest exist?

Only at the inception of the contract Only at the time of the claim (death of the life assured) Both at inception and continuously throughout the term of the policy Both at inception and at the time of the claim

Correct Answer:

Only at the inception of the contract

Question 3

Which of the following describes the principle of utmost good faith (uberrimae fidei) under the Consumer Insurance Contracts Act 2019 in Ireland?

The consumer must volunteer every fact they think might be relevant, even if not asked The insurer has no duty of disclosure and can rely entirely on the consumer's self-declaration The consumer's duty is to answer all questions asked by the insurer honestly and with reasonable care The consumer must undergo a medical examination to confirm all statements made in the proposal form

Correct Answer:

The consumer's duty is to answer all questions asked by the insurer honestly and with reasonable care

Question 4

A company takes out a keyman life assurance policy on its managing director. The premiums are paid by the company, and the company is the sole beneficiary. What is the tax treatment of the premiums and the policy proceeds on death in Ireland?

Premiums are tax-deductible for the company, and proceeds are subject to corporation tax Premiums are not tax-deductible, and proceeds are paid tax-free to the company Premiums are tax-deductible only if proceeds are used to pay a dividend, and proceeds are subject to income tax Premiums are not tax-deductible, but proceeds are subject to Capital Acquisitions Tax (CAT)

Correct Answer:

Premiums are not tax-deductible, and proceeds are paid tax-free to the company

Question 5

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

Question 1

Exam overview

About this Exam

Prepare with the QFA Life Assurance Practice Questions - QFA Life Assurance (LIA IOB, Ireland) Exam practice quiz. This question bank includes 100 questions covering policy, life, assurance, ireland, and protection. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

More details

Additional Information

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

This practice set contains 100 questions from the matching question bank and focuses on policy, life, assurance, ireland, and protection. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

Quiz information

Frequently Asked Questions

The complete question count is available after full access is unlocked.

No fixed duration is currently configured for this quiz.

Question explanations are included where they are available in the quiz content, helping you review the reasoning after answering.

Yes. You can retake the practice test again as you continue studying during your available access period.

After your access is confirmed, you can continue into the complete practice exam from this quiz flow.

Unless explicitly stated otherwise, this page provides independent practice material for study and exam preparation and is not the official examination itself.

Keep studying

Correct Answer:

Correct Answer:

Correct Answer:

Correct Answer:

Correct Answer:

About this Exam

Additional Information

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

Frequently Asked Questions

Related Questions

17X Mission Assurance Day 1 Practice Exam

Arizona Life and Health Practice Exam

Certified Wildlife Rehabilitator Practice Test

Certified Secure Software Lifecycle Professional Practice

Chartered Life Underwriter Practice Exam

Child Life Certification Practice Test