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Aviva Quiz

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Equity Release Adviser Course (Quizes) Quiz on Aviva Quiz, created by ian.pine on 28/06/2013.
ian.pine
Quiz by ian.pine, updated more than 1 year ago
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Created by ian.pine almost 12 years ago
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Resource summary

Question 1

Question
What is the Minimum Age for Aviva's Lifetime Mortgages
Answer
  • Age 55 on all their products
  • Age 60 on all their products
  • Age 55 on their Lump Sum Product but Age 60 on their Flexible Option
  • Age 60 on their Lump Sum Product but age 55 on their Flexible Option

Question 2

Question
What is the Cash Back that Aviva Provides
Answer
  • Aviva products offers no Cash Back
  • £1000 or £1500 Cash Back
  • £500 or £1000 Cash Back
  • Cash Back is 1% of original advance capped at £3250

Question 3

Question
How do Aviva Calculate their ERC's?
Answer
  • Charge linked to lenth of time their plans have been in force. For years 1-5 5% of original loan and for years 6-10 3% of original loan
  • Charge linked to swap rates if linked rate the same or higher than original rate of mortgage ERC applies
  • Charge linked to 15 yr gilt yields if the same or higher ERC does not apply. Maximum of 20% of total advance.
  • Charge linked to 15 yr gilt yields if the same or higher ERC does not apply. Maximum of 25% of total advance.

Question 4

Question
What is the maximum age for Aviva Lifetime Mortgages
Answer
  • Age 85
  • Age 90
  • Age 95
  • There is no maximum age

Question 5

Question
On what basis do Aviva provide Free Valuation of a property?
Answer
  • Aviva does not offer a free valuation
  • Aviva provide a free valuation for properties up to £500,000 in value
  • Aviva provide a free valuation for properties up to £1,000,000 in value
  • Aviva provide a free valuation for all properties with no limit on the property value

Question 6

Question
What are the minimum drawdown amounts for Aviva'a Products
Answer
  • £5000 on lump sum max and Flexible Option
  • Nil on lump sum max and £5000 on Flexible Option
  • Nil on lump sum max and £2000 on Flexible Option
  • Nil on lump sum max and £1000 on Flexible Option

Question 7

Question
How do Aviva provide Inheritance Protection on their Products?
Answer
  • Aviva provide Inheritance Protection on Lump Sum Max and Flexible Option Automatically
  • Aviva provide Inheritance Protection at no extra cost on the Flexible option and with an increased interest rate on their Lump Sum Max product
  • Aviva provide Inheritance Protection at no extra cost on their Lump Sum Max product and with an increased interest rate on their Flexible Option.

Question 8

Question
What is the arrangement fee on Aviva's Lifetime Mortgages
Answer
  • £495 on both plans
  • £555 on both plans
  • £495 on the Lump sum max plan but £555 on the Flexible Option
  • £555 on the Lump sum max plan but £495 on the Flexible Option

Question 9

Question
Do Aviva provide Lifetime Mortgages on second properties
Answer
  • Aviva don't do Lifetime Mortgages on second properties
  • Aviva do Lifetime mortgages on second properties on the Max Lump Sum plan
  • Aviva do Lifetime mortgages on second properties on the Flexible Option plan
  • Aviva do Lifetime mortages for second properties on all their plans

Question 10

Question
What is the maximum release from Aviva's products
Answer
  • £500,000 on Lump Sum Max and Flexible Option
  • £600,000 on Lump Sum Max and Flexible Option
  • £500,000 on Lump Sum Max and £600,000 Flexible Option
  • £600,000 on Lump Sum Max and £500,000 Flexible Option

Question 11

Question
On what basis do Aviva accept payments on their Lifetime Mortgage Plans
Answer
  • They do not accept any payments
  • They accept payments on their Flexible Option but limited to 5% of the original advance
  • They accept payments on both their plans without any restrictions
  • They only accept payments on the Flexible Option Plan without any restrictions

Question 12

Question
What Aviva Plans can be put into Trust
Answer
  • Lump Sum Max and Flexible Option Plan can both be put into trust
  • Lump Sum Max cannot be put into trust but Flexible Option plan can be put into trust with an increased interest rate
  • Neither plan can be put into trust

Question 13

Question
What documents Will Aviva require to accept a Lasting Power of Attorney (LPA)
Answer
  • Evidence of LPA Only
  • Evidence of LPA and GP report to ensure mental capacity is lost
  • Evidence of GP report only to ensure mental capacity is lost

Question 14

Question
How long does the Estate of the late plan holder have to sell the property upon death
Answer
  • 3 months
  • 6 months
  • 12 months

Question 15

Question
Do Aviva Fix their Interest Rate?
Answer
  • No rate cannot be fixed
  • Yes it is fixed for 14 weeks from receipt of the signed offer document
  • Yes it is fixed for 14 weeks from receipt of the application form
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