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AAFM CTEP - Chartered Trust & Estate Planner® (CTEP®) Certification Examination

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Total 472 questions

______________ does not divest the policy holder of his rights in the policy and he retains disposing power over it.

A.

Assignment

B.

Nomination

C.

Reinsurance

D.

Transferring

_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.

A.

Traditional IRA

B.

Roth IRA

C.

SEP-IRA

D.

Simple IRA

There are ____________ sources of Law.

A.

Two

B.

Three

C.

Four

D.

Infinite

Which of the following is essential for contract?

A.

Free Consent

B.

Witness

C.

Signatory

D.

Consideration

_________________ can be used as an alternative to the outright gift and ___________ can be used as an alternative to a traditional short term pledge.

A.

Virtual Endowment Model, Step-Up gift

B.

Virtual Endowment Model, Philanthropic Equity Builder Model

C.

Virtual Endowment Model, Family Foundation

D.

Step-Up Gift, Family Foundation

In which of the following case/cases Revocation of Power of Attorney is possible?

A.

Only (i)

B.

Both (i) and (ii)

C.

(i), (ii) and (iii)

D.

Only (ii)

Who needs an Estate Plan?

A.

Everyone

B.

HNI

C.

Terminally ill

D.

Elderly

A High Net Worth Individual (HNI) should hold at least _______ in liquid financial assets.

A.

$1 million

B.

$5 million

C.

$10 million

D.

$50 million

Registration of Power of Attorney is __________in India. If Power of Attorney is in respect of immovable property of value more than __________ it must be registered.

A.

Compulsory, Rs.500

B.

Optional, Rs. 500

C.

Compulsory, Rs. 100

D.

Optional, Rs. 100

Which of the following statement(s) about Public Trust is/are correct?

A.

Only (i)

B.

Only (ii)

C.

Both (i) and (ii)

D.

Neither (i) nor (ii)