Pdf M05 Dumps - 100% Pass M05 - First-grade Insurance law (IL) Exam Online Tests

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CII M05 Exam Syllabus Topics:

Section	Objectives
Agency Law	- Creation and authority of agents 1. Actual and apparent authority 2. Duties of agents and principals
Legal System and Sources of Law	- Structure of the legal system 1. Civil vs criminal law distinctions 2. Courts and hierarchy - Sources of law 1. Statute law and regulations 2. Common law and equity
Contract Law and Insurance Contracts	- Formation of contracts 1. Consideration and intention 2. Offer and acceptance - Insurance-specific principles 1. Utmost good faith (uberrimae fidei) 2. Insurable interest
Liability and Tort	- Employer and public liability 1. Vicarious liability 2. Occupiers’ liability - Negligence and duty of care 1. Remedies and damages 2. Breach and causation
Insurance Claims and Legal Principles	- Claims handling principles 1. Subrogation and contribution 2. Indemnity principle

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CII Insurance law (IL) Exam Sample Questions (Q100-Q105):

NEW QUESTION # 100
What is the role of a condition precedent in an insurance policy?

A. It defines the scope of coverage for the policyholder
B. It is a requirement that must be met before the insurer is liable for a claim
C. It ensures that the insurer will cover all risks associated with a policy
D. It outlines exclusions from coverage

Answer: B

Explanation:
A condition precedent refers to a requirement that must be met before an insurer is obligated to pay a claim.
Failure to meet this condition can result in the insurer not being liable.

NEW QUESTION # 101
Which of the following is an example of a condition precedent in an insurance contract?

A. The insurer must provide coverage for accidental damage
B. The insured must pay the premium
C. The insured must maintain the insured item in good condition
D. The insurer is required to pay claims for theft

Answer: C

Explanation:
A condition precedent is an obligation that must be met before the insurer becomes liable for a claim. For example, the insured might need to maintain property in good condition or comply with safety measures before coverage applies.

NEW QUESTION # 102
When completing a proposal form, Tom declares that he has two spent speeding convictions. How, if at all, will the spent convictions affect an underwriter's decision to write the risk?

A. They will only be considered if Tom had a further speeding conviction in the last 12 months.
B. They will be classed as relevant information and will affect the premium.
C. They will be ignored in accordance with the provisions of the Rehabilitation of Offenders Act 1974.
D. They will not be considered as this is not an underwriting factor in motor insurance risk assessment.

Answer: C

NEW QUESTION # 103
What is the effect of a waiver on an insurance contract?

A. It reduces the policyholder's obligation to make full disclosure
B. It terminates the policy
C. It allows one party to ignore certain policy terms
D. It allows the insurer to increase the premium

Answer: C

Explanation:
A waiver in insurance law refers to the voluntary relinquishment of a known right, such as forgiving a breach of a condition in the policy. It doesn't cancel the contract but may alter certain terms.

NEW QUESTION # 104
Why may an insurer insert a continuing warranty into an insurance policy?

A. To encourage good risk management by the insured throughout the policy period.
B. To maintain the annual aggregate limit of liability throughout the policy period.
C. To ensure that underinsurance is avoided at all times.
D. To enable an insurer to charge an additional premium if the warranty is continually breached.

Answer: A

NEW QUESTION # 105
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