UK Income Protection Quiz

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| By Milanr
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Milanr
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Quizzes Created: 2 | Total Attempts: 156
Questions: 15 | Attempts: 80

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UK Income Protection Quiz - Quiz


Questions and Answers
  • 1. 

    ____________ is the insurance benefit receive by the members once accepted by the insurer (broadly 66.67% of reference salary).

    • A.

      Private Healthcare Insurance

    • B.

      Medical Insurance

    • C.

      Income Protection Insurance

    • D.

      Motor Insurance

    Correct Answer
    C. Income Protection Insurance
    Explanation
    Income Protection Insurance is the correct answer because it is the insurance benefit received by the members once accepted by the insurer, typically covering 66.67% of their reference salary. This type of insurance provides financial protection to individuals in the event of illness, injury, or disability that prevents them from working and earning income. It ensures that policyholders can still receive a portion of their salary to cover living expenses and maintain their standard of living during the period of inability to work.

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  • 2. 

    It is the CGI UK accredited Insurer for the Income Protection Insurance?

    • A.

      AVIVA

    • B.

      CIGNA

    • C.

      ALLIANZ

    • D.

      OIM Underwriting

    Correct Answer
    A. AVIVA
    Explanation
    AVIVA is the correct answer because it is a CGI UK accredited insurer for Income Protection Insurance. This means that AVIVA has met the necessary criteria and standards set by CGI UK to provide income protection insurance to its customers.

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  • 3. 

    A letter that advises member that the claim for Income protection has now been formally admitted by the insurers. This details the commencement date of the benefit and the maximum annual payable amount to the member.

    • A.

      Welcome Letter

    • B.

      PHI Acceptance Letter

    • C.

      Reference Letter

    • D.

      Cover Letter

    Correct Answer
    B. PHI Acceptance Letter
    Explanation
    The correct answer is PHI Acceptance Letter. This letter is sent to a member to inform them that their claim for Income Protection Insurance has been formally accepted by the insurers. It provides details such as the commencement date of the benefit and the maximum annual payable amount to the member. This letter serves as confirmation to the member that their claim has been approved and they will start receiving the benefits as stated.

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  • 4. 

    ___________ are defined as any lifestyle event that is recogniszed under the scheme (for instance marriage or childbirth).

    • A.

      Lifestyle Change

    • B.

      Member Change

    • C.

      Data Change

    Correct Answer
    A. Lifestyle Change
    Explanation
    Lifestyle changes refer to any events related to one's way of living that are acknowledged within the scheme, such as getting married or having a child. These events are considered significant milestones that can impact a person's lifestyle and may require adjustments in various aspects of their life.

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  • 5. 

    Member must be __________ to qualify for the Income protection flexible benefit, which means they must be undertaking their normal office hours and duties at their normal work location.

    • A.

      Permanent

    • B.

      Actively at work

    • C.

      Part time

    • D.

      On sick leave

    Correct Answer
    B. Actively at work
    Explanation
    To qualify for the Income protection flexible benefit, members must be actively at work, meaning they must be performing their regular office hours and duties at their usual work location. This requirement ensures that individuals are actively engaged in their job and not on sick leave or working part-time. Being actively at work indicates that the member is physically and mentally capable of fulfilling their job responsibilities, making them eligible for the income protection benefit.

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  • 6. 

    Income Protection Insurance is the insurance benefit being provided to members after 6 months of continuous illness or who are on long term sickness towards disability if accepted by the insurer.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The statement is true because Income Protection Insurance provides insurance benefits to members who have been continuously ill for 6 months or are on long-term sickness. These benefits are provided in the form of disability coverage, but only if the insurer accepts the claim.

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  • 7. 

    At what percentage of members  reference salary they may able to extend the pHI cover already supplied by the Company?

    • A.

      75%

    • B.

      66.67%

    • C.

      90%

    • D.

      100%

    Correct Answer
    A. 75%
    Explanation
    Members may be able to extend the PHI (Private Health Insurance) cover already supplied by the company if they reference 75% of their salary.

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  • 8. 

    Aside from Aviva, the other Insurers are? (select as possible)

    • A.

      CSI

    • B.

      UNUM

    • C.

      CIGNA

    • D.

      AEGON (now replaced by Guardian Assurance Ltd)

    Correct Answer(s)
    A. CSI
    B. UNUM
    D. AEGON (now replaced by Guardian Assurance Ltd)
    Explanation
    The correct answer is CSI, UNUM, and AEGON (now replaced by Guardian Assurance Ltd). These are the other insurers mentioned in the question aside from Aviva.

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  • 9. 

    ___________ are monthly invoices of the income protection payment for all members accepted under the income protection insurance.

    • A.

      Car Invoices

    • B.

      Income Protection Invoices

    • C.

      Critical Illness Invoices

    • D.

      PMI Invoices

    Correct Answer
    B. Income Protection Invoices
    Explanation
    Income Protection Invoices are monthly invoices that are sent to all members who have been accepted under the income protection insurance. These invoices detail the payment for the income protection coverage and serve as a record of the monthly payments made by the insured individuals. This helps both the insurance company and the insured to keep track of the payments and ensure that the income protection coverage remains active.

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  • 10. 

    If you have selected this benefit (Income Protection Insurance) for 2014 your choice will not be automatically be carried forward to 2015 unless you change it.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    If you have selected Income Protection Insurance for 2014, your choice will be automatically carried forward to 2015 unless you change it.

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  • 11. 

    ___________  will always cease upon effect of income protection.

    • A.

      Car allowance

    • B.

      Mobility Allowance

    • C.

      Cash Allowance

    • D.

      Salary

    Correct Answer
    A. Car allowance
    Explanation
    Car allowance refers to a specific amount of money provided to an employee to cover the expenses related to using their own car for work purposes. As income protection is designed to replace a portion of an individual's income if they are unable to work due to illness or injury, it is reasonable to assume that the car allowance, being a form of income, would cease in such circumstances. Therefore, the car allowance will always cease upon the effect of income protection.

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  • 12. 

    If your salary is ________ or above, you will not be able to select the Income protection flexible benefit.

    • A.

      £122,000

    • B.

      £150,000

    • C.

      £123,068

    • D.

      £113,068

    Correct Answer
    C. £123,068
    Explanation
    If your salary is £123,068 or above, you will not be able to select the Income protection flexible benefit. This means that individuals earning this amount or more do not have the option to choose this specific benefit.

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  • 13. 

    Income protection claims will be processed in the normal way by the ________________.

    • A.

      Service Consultant

    • B.

      HR Manager

    • C.

      People Manager

    • D.

      BU Lead

    Correct Answer
    B. HR Manager
    Explanation
    Income protection claims will be processed in the normal way by the HR Manager. The HR Manager is responsible for managing employee benefits and ensuring that all claims are processed correctly and efficiently. They have the knowledge and expertise to handle income protection claims and ensure that employees receive the necessary support and assistance during the claims process.

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  • 14. 

    Member may increase their Income Protection Insurance cover from 66.67% to 75% via the Member Flexible Benefits Page.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Members have the option to increase their Income Protection Insurance cover from 66.67% to 75% through the Member Flexible Benefits Page. This suggests that the statement is true.

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  • 15. 

    UK payroll must be advised for cessation of member’s car allowance upon effect of income protection to avoid _____________.

    • A.

      Error

    • B.

      Underpayment

    • C.

      Overpayment

    Correct Answer
    C. Overpayment
    Explanation
    When an employee's income protection takes effect, it means that they are no longer able to work due to illness or injury and are receiving a portion of their income as compensation. In this situation, if the employee's car allowance is not ceased or stopped, there is a risk of overpayment. This is because the employee is no longer working and therefore should not be receiving the car allowance. Advising the UK payroll about the cessation of the car allowance ensures that the employee does not receive any unnecessary payments, preventing any potential overpayment.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 17, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 11, 2014
    Quiz Created by
    Milanr
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