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CISI International Certificate in Wealth & Investment Management Sample Questions (Q30-Q35):

NEW QUESTION # 30
If the holder of a long futures contract sells it ahead of expiry, they are considered to have:

A. Exercised their position
B. Delivered the underlying
C. Taken delivery of the underlying
D. Closed out their position

Answer: D

Explanation:
* Long Futures Contract Defined
* A long futures contract represents a commitment to buy an underlying asset at a set price on a future date.
* Closing Out the Position
* If the holder sells the contract before expiry, they are said toclose out the position, effectively negating their obligation to take delivery of the underlying asset.
* Why the Answer is B
* Selling ahead of expiry removes the obligation, hence closing the position.
* Why Other Options are Incorrect
* A. Exercised: Applies to options, not futures.
* C. Taken delivery: Happens only if the contract is held to maturity.
* D. Delivered: Applies to the short position, not the long holder.
* ICWIM Study Guide, Chapter on Derivatives: Explains closing out futures contracts.
* Futures Market Principles: Discusses position management in futures trading.
References

NEW QUESTION # 31
A firm acting as an agent makes money by:

A. Trading against its own order book
B. Providing advice
C. Profiting from the spread
D. Charging their client a commission

Answer: D

Explanation:
When a firm acts as an agent, it executes trades on behalf of clients and earns a commission for each transaction.
* Why is Option C Correct?
* Agents do not take ownership of securities but facilitate transactions.
* They charge a fixed fee or percentage-based commission for each trade executed.
* Why Not Other Options?
* A (Profiting from the spread) # Market makers profit from bid-ask spreads, not agents.
* B (Providing advice) # Advice is provided by investment advisers, not agents.
* D (Trading against its own order book) # Agents do not take opposing positions; this applies to principal trading.
# Reference: FCA Handbook (Market Conduct Rules), CISI Wealth & Investment Management.

NEW QUESTION # 32
Once an offshore foundation is established, who will normally be responsible for making ongoing decisions regarding the operational use of the foundation's assets?

A. The trustees
B. The council
C. The beneficiaries
D. The board of directors

Answer: B

Explanation:
* Offshore Foundations
* These legal entities are typically used for wealth preservation, estate planning, or philanthropic purposes.
* Foundations are managed by acouncil, which is responsible for operational decisions and ensuring the foundation's goals are met.
* Why the Answer is C
* The council acts similarly to a board of directors but focuses specifically on the foundation's assets and objectives.
* Why Other Options are Incorrect
* A. Board of directors: Applies to companies, not foundations.
* B. Trustees: Apply to trusts, not foundations.
* D. Beneficiaries: Beneficiaries do not have decision-making authority.
* ICWIM Study Guide, Chapter on Trusts and Foundations: Discusses the governance of offshore foundations.
* Legal Principles of Foundations: Confirms the role of the council.
ReferencesThus, the correct answer isC. The council.

NEW QUESTION # 33
Personal accident policies will pay out:

A. Once the insurance company has received the medical documentation
B. Once the insured has been seen by a doctor
C. Following a waiting period
D. On the day of the accident

Answer: C

Explanation:
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.

NEW QUESTION # 34
Having prepared recommendations via a report, why would an adviser suggest a face-to-face meeting with their client?

A. In order to collect fees prior to implementation of the recommendations
B. So that the client can review the adviser's qualifications
C. To establish the client's tax position
D. To afford the opportunity to clear up any misunderstandings

Answer: D

Explanation:
* Purpose of Client Meetings: A face-to-face meeting allows the adviser to personally communicate complex financial recommendations.
* Importance of Clarity: Clients may misunderstand written reports due to technical jargon or unfamiliarity with financial terms. This meeting provides an opportunity to ensure clarity and build trust.
* Elimination of Other Options:
* A: Collecting fees can be done online or through invoices; this is not the primary purpose of a meeting.
* B: Tax position assessment is typically done before preparing recommendations.
* C: Reviewing adviser qualifications is rare in meetings; trust is built through prior interactions.
References:
* ICWIM Module 2: Focus on professional adviser-client relationships and clear communication.

NEW QUESTION # 35
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