110+ Free QFA Life Assurance Practice Questions

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2026 Statistics

Key Facts: QFA Life Assurance Exam

100

Exam Questions

LIA Syllabus

40%

Passing Score

LIA Regulations

2 hours

Exam Time

LIA Regulations

€360

Module Fee

LIA Fee Structure

APA

Accredited Product Adviser

Minimum Competency Code

15 hours

Annual CPD Requirement

Central Bank of Ireland

The QFA Life Assurance exam is a 2-hour online exam consisting of 100 multiple-choice questions. A passing score of 40% is required. The fee is €360 per module. The curriculum covers life protection policies, critical illness, income protection, investment bonds, tax, and claims administration under Irish law.

Sample QFA Life Assurance Practice Questions

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1Under 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?

A.10 hours, with at least 1 hour in each category of retail financial product

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

C.20 hours, with a minimum of 5 hours dedicated to ethics and regulation

D.30 hours, divided equally among all financial service categories

Explanation: The Central Bank's Minimum Competency Code requires QFA designation holders to complete 15 CPD hours per year. Out of these 15 hours, at least 1 hour must be dedicated to each product category they are accredited in (e.g., life assurance, pensions, loans), and at least 1 hour must relate to ethics.

2A 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?

A.Only at the inception of the contract

B.Only at the time of the claim (death of the life assured)

C.Both at inception and continuously throughout the term of the policy

D.Both at inception and at the time of the claim

Explanation: Under Irish law, for a life assurance contract to be valid under the Life Assurance Act 1774, insurable interest must exist at the inception of the contract. Unlike general insurance, it does not need to exist at the time of the claim or death.

3Which of the following describes the principle of utmost good faith (uberrimae fidei) under the Consumer Insurance Contracts Act 2019 in Ireland?

A.The consumer must volunteer every fact they think might be relevant, even if not asked

B.The insurer has no duty of disclosure and can rely entirely on the consumer's self-declaration

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

D.The consumer must undergo a medical examination to confirm all statements made in the proposal form

Explanation: The Consumer Insurance Contracts Act 2019 reformed the traditional duty of disclosure. Instead of volunteering all material facts, a consumer's duty is now restricted to answering all questions asked by the insurer honestly and with reasonable care, shifting the onus to the insurer to ask clear and specific questions.

4A 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?

A.Premiums are tax-deductible for the company, and proceeds are subject to corporation tax

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

C.Premiums are tax-deductible only if proceeds are used to pay a dividend, and proceeds are subject to income tax

D.Premiums are not tax-deductible, but proceeds are subject to Capital Acquisitions Tax (CAT)

Explanation: For a standard keyman policy where the cover is to protect against loss of profits, the premiums are generally not tax-deductible because they are capital in nature. Consequently, the proceeds paid to the company upon death are received tax-free.

5What is the primary purpose of a Section 72 life assurance policy in Ireland?

A.To provide a tax-free savings vehicle for first-time buyers' deposits

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

C.To pay off a residential mortgage in the event of the policyholder's death

D.To provide tax-relieved retirement income for directors of proprietary companies

Explanation: A Section 72 policy is a specific whole-of-life assurance policy approved by the Revenue Commissioners. Its sole purpose is to pay Capital Acquisitions Tax (CAT/inheritance tax) arising on the death of the policyholder, and the proceeds are exempt from CAT if they are used to pay that tax liability.

6A client establishes a Section 73 savings policy to fund a future gift tax liability for their child. For the policy proceeds to be exempt from Capital Acquisitions Tax (CAT) when paying the gift tax, what is the minimum duration the policy must be active before a claim is made?

A.3 years

B.5 years

C.8 years

D.10 years

Explanation: To qualify for the CAT exemption under Section 73, the savings policy must be in force for a minimum of 8 years. Regular premiums must be paid annually, and no premium in any year can exceed twice the premium paid in any other year.

7Under the Succession Act 1965, if a deceased person dies intestate (without a will) leaving a surviving spouse and three children, how is their estate divided?

A.The spouse receives the entire estate

B.The spouse receives two-thirds of the estate, and the remaining one-third is divided equally among the children

C.The spouse receives one-half of the estate, and the remaining one-half is divided equally among the children

D.The estate is divided equally among the spouse and all three children

Explanation: Under the Succession Act 1965, if a person dies intestate leaving a spouse and children (referred to as 'issue'), the spouse is entitled to two-thirds of the estate, and the children receive the remaining one-third, divided equally among them.

8Under the Succession Act 1965, if a deceased person dies leaving a will, a surviving spouse, and children, what is the 'legal right share' that the surviving spouse is entitled to claim?

A.One-third of the estate

B.One-half of the estate

C.Two-thirds of the estate

D.None, as the will overrides all spouse entitlements

Explanation: Under the Succession Act 1965, a surviving spouse has a legal right to a share of the deceased spouse's estate regardless of the provisions in the will. If the deceased leaves a spouse and children, the spouse's legal right share is one-third of the estate.

9Under the Succession Act 1965, if a deceased person dies leaving a will, a surviving spouse, but no children, what is the 'legal right share' that the surviving spouse is entitled to claim?

A.One-third of the estate

B.One-half of the estate

C.Two-thirds of the estate

D.The entire estate

Explanation: Under the Succession Act 1965, if a deceased person leaves a spouse but no children, the legal right share of the surviving spouse is one-half (50%) of the estate. This is the minimum share the spouse can claim, overriding the provisions of any will.

10If a person dies intestate in Ireland leaving no surviving spouse/civil partner, but leaving three surviving children, how is their estate distributed under the Succession Act 1965?

A.The entire estate goes to the State (ESB)

B.The entire estate is divided equally among the three children

C.The estate is divided among the children and the parents of the deceased

D.The estate is divided equally among the children and siblings of the deceased

Explanation: Under the Succession Act 1965, if a person dies intestate leaving no spouse or civil partner, the estate is divided equally among their children. If any child has predeceased them leaving issue (grandchildren), those grandchildren take their parent's share.

About the QFA Life Assurance Exam

The QFA Life Assurance module is a core requirement for the Qualified Financial Adviser (QFA) designation in Ireland. The syllabus covers the regulatory and operating framework of life offices, life protection products, serious illness cover, income protection, savings and investment policies, taxation (including exit tax and CAT), wills, and succession under the Succession Act 1965, and the life assurance claims process.

Assessment

100-question online multiple choice exam

Time Limit

2 hours

Passing Score

40%

Exam Fee

€360 (LIA (Life Insurance Association) / IOB)

QFA Life Assurance Exam Content Outline

15%

Regulatory & Operating Framework of Life Offices

Authorisation, regulation, Consumer Protection Code, and operating structures of life offices in Ireland.

25%

Life Assurance Protection Policies

Term assurance, whole of life, serious illness cover, and quantifying protection needs.

15%

Income Protection & Disability Benefits

Income protection policies, deferred periods, claim definition, and state disability benefits.

15%

Savings and Investment Policies

Investment bonds, unit-linked savings, tracker bonds, and risk-return profiles.

15%

Taxation & Succession Planning

Tax treatment of life assurance policies (exit tax), capital acquisitions tax, wills, and the Succession Act 1965.

15%

Claims Process & Underwriting

Claims procedures for death, serious illness, and disability claims, including legal aspects and underwriting.

How to Pass the QFA Life Assurance Exam

What You Need to Know

Passing score: 40%
Assessment: 100-question online multiple choice exam
Time limit: 2 hours
Exam fee: €360

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

QFA Life Assurance Study Tips from Top Performers

1Study the difference between various protection policies, especially regarding tax treatment and ownership structures (e.g. Life of Another, Joint Life Second Death).

2Pay close attention to Irish tax rules, specifically the 41% exit tax on investment policies, tax-free thresholds for Capital Acquisitions Tax (CAT), and tax relief rules on premiums.

3Understand the key provisions of the Succession Act 1965, particularly the legal right share of spouses (one-half if no children, one-third if there are children).

4Learn the difference between income protection (permanent health insurance) and serious illness cover, including the definition of disability and the impact of deferred periods.

5Become familiar with the claims process, duties of disclosure, underwriting criteria, and key regulatory requirements of the Consumer Protection Code.

Frequently Asked Questions

How many questions are on the QFA Life Assurance exam?

The exam consists of 100 multiple-choice questions.

What is the passing score?

The passing mark is 40% (40 correct answers out of 100 questions).

How much does the module cost?

The registration fee is €360, which includes the official textbook, study resources, and exam entry.

Is there negative marking on the QFA Life Assurance exam?

No, unlike some other professional exams, the QFA Life Assurance multiple-choice exam does not apply negative marking. You should answer all questions.

Can I get an APA designation with this module?

Yes, if you pass both the QFA Regulation and QFA Life Assurance modules, you qualify for the Accredited Product Adviser (APA) designation in Life Assurance.

How long is the exam?

The exam duration is 2 hours (120 minutes).