(a) Outline the policy ownership options for the insurance covers your clients require. (b) Explain the implications

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Question 3 (32 marks | Word limit: 1,450 words)

  1. Outline the policy ownership options for the insurance covers your clients require. (5 marks)
  2. Explain the implications and disadvantages of each of the policy ownership options. (16 marks)
    Note: Be mindful of the high mark allocation. You do not need to show calculations in your response, but you should consider all the relevant steps and issues to ensure your response is comprehensive.
  3. Discuss the two (2) key premium options to consider for the insurance policies. (3 marks)
  4. Identify and briefly explain the three (3) types of TPD definitions. (6 marks)
  5. Explain the meaning of ‘waiting period’ and ‘benefit period’ for income protection policies. (2 marks)

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