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CII M05 Exam Syllabus Topics:

Section	Objectives
Topic 1: Legal System and Sources of Law	- Sources of law 1. Common law and equity 2. Statute law and regulations - Structure of the legal system 1. Civil vs criminal law distinctions 2. Courts and hierarchy
Topic 2: Agency Law	- Creation and authority of agents 1. Duties of agents and principals 2. Actual and apparent authority
Topic 3: 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
Topic 4: Insurance Claims and Legal Principles	- Claims handling principles 1. Subrogation and contribution 2. Indemnity principle
Topic 5: Liability and Tort	- Negligence and duty of care 1. Breach and causation 2. Remedies and damages - Employer and public liability 1. Occupiers’ liability 2. Vicarious liability

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Insurance law (IL) Exam Accurate Questions & M05 Training Material & Insurance law (IL) Exam Study Torrent

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CII Insurance law (IL) Exam Sample Questions (Q10-Q15):

NEW QUESTION # 10
Which of the following is true regarding the "principle of subrogation"?

A. It prevents the insurer from recovering any costs from a third party
B. It means the insurer is entitled to the premium even if the claim is not paid
C. It allows the insured to be compensated twice for the same loss
D. It allows the insurer to pursue third parties responsible for the loss

Answer: D

Explanation:
Subrogation allows the insurer to "step into the shoes" of the insured after they pay a claim, allowing them to pursue recovery from any third parties who may be responsible for the loss.

NEW QUESTION # 11
A riot results in a shop being damaged and the shopowner's insurer settling the claim. A subrogation right enabling the insurer to sue the police authority arises under

A. a condition precedent to liability.
B. statute.
C. tort.
D. a condition subsequent to liability.

Answer: B

NEW QUESTION # 12
What is the effect of a waiver on an insurance contract?

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

Answer: A

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 # 13
Which of the following is an example of a condition precedent in an insurance contract?

A. A policyholder's agreement to not engage in fraudulent behavior
B. The insured's duty to disclose any material changes in their circumstances
C. The insurer's requirement to pay claims within a specific period after notification
D. A policyholder's obligation to make premium payments

Answer: B

Explanation:
Explanation:Conditions precedentare actions or circumstances that must be met or fulfilled before the insurer is obligated to pay a claim. Failure to fulfill a condition precedent, such as disclosing material changes in circumstances, may result in a denial of a claim.

NEW QUESTION # 14
The proximate cause of a loss is best described as the

A. final peril to cause the loss.
B. most remote cause of the loss.
C. most dominant cause of the loss.
D. first peril to cause the loss.

Answer: C

NEW QUESTION # 15
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