Insurance Oct Sap

1.

1 point

An adviser is calling through looking to reduce his client’s waiting period on general occupation IP from 720 to 90 days. The adviser is adamant that no underwriting is required.

No underwriting is required for a reduction in waiting period

There is an increase in risk and hence underwriting is always required

If the client had an own occupation definition, under certain circumstances they may be able to reduce waiting period without medical underwriting

Changes in the client’s employment status may allow them to reduce waiting period without medical underwriting

2.

1 point

What are the respective expiry dates for the TPD and living cover for policy YLF28012?

21/06/2056 and 21/06/2046

None of these answers

21/06/2046 and 21/06/2046

21/06/2046 and 21/06/2056

3.

1 point

A client has an existing term life as super policy (TLAS) being paid by their employer as an employer contribution from a bank account. The employer would like to pay via a clearing house so that their contributions are superstream compliant. Can this be done?

Yes, the employer will require the ABN and USI for Westpac Mastertrust and the policy number

Only payments from a bank account are accepted for TLAS policies

No, there is currently no method to accept payments made from a clearing house

4.

1 point

Who is/are the owner/s for policy D0025515?

Both Mr and Mrs Campbell are policy owners

Margaret Campbell

Mr Campbell

5.

1 point

When are premiums deducted from the linked wrap account for wrap funded policies?

Last business day of each month.

22nd of each month

We are able to change the lodgement date to any day in the month

6.

1 point

A client who is an Australian Citizen is currently residing overseas. Will they be able to apply for a protection plan policy?

They may be able to apply if they intend to reside overseas temporarily

Protection Plan overs worldwide cover and thus clients can apply for cover even if the intend to reside overseas permanently.

No, the client would need to be in Australia during underwriting and as such would not be able to apply.

7.

1 point

How much was paid as an after tax benefit to the client for CL754551 for the claim submitted in October 2013 and where was it paid?

$567.58 to SuperWrap

$887.79 to SuperWrap

$431 to a joint bank account

$874.54 to SuperWrap

8.

1 point

Why is a 15% rebate applied to Westpac Mastertrust policies paid via rollover from an external superfund?

Rollovers are taxed concessionally

Tax is assumed to have been paid in the external super fund

Because all earnings within super are taxed at 15%.

Rollovers are paid annually and are easier to process than other payment options

9.

1 point

A relative of the life insured is calling in regards to policy Y0044629. They are enquiring whether this policy has an advancement benefit for the purposes of covering funeral expenses. You correctly tell them:

$128,953 can be paid out to cover funeral expenses, the death benefit will be reduced

$25,000 can be paid out to cover funeral expenses, the death benefit will be reduced

The funeral advancement benefit does not apply to policies within super

$25,000 can be paid out to cover funeral expenses, the death benefit will not be reduced

10.

1 point

A staff member who has a personally owned BT Protection Plan calls in querying whether or not the 20% staff discount could be applied to her husband’s BT insurance policy. He also has a personally owned protection plan.

Yes, however the policy must be help inside super for a spouse benefit to apply.

Yes the 20% staff discount can be applied however she will have to nominate him in People Express as a spouse

No, as a staff discount can only be applied before the policy is put into force.

No, all staff discounts can only be applied to direct employees of Westpac.