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CII M05 Exam Syllabus Topics:

Section	Objectives
Topic 1: Agency Law	- Creation and authority of agents 1. Duties of agents and principals 2. Actual and apparent authority
Topic 2: Contract Law and Insurance Contracts	- Formation of contracts 1. Consideration and intention 2. Offer and acceptance - Insurance-specific principles 1. Insurable interest 2. Utmost good faith (uberrimae fidei)
Topic 3: 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
Topic 4: 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
Topic 5: Insurance Claims and Legal Principles	- Claims handling principles 1. Indemnity principle 2. Subrogation and contribution

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CII Insurance law (IL) Exam Sample Questions (Q59-Q64):

NEW QUESTION # 59
Which of the following is true about insurable interest?

A. The policyholder must have an interest in the property at the time of policy purchase but not at thetime of loss
B. Insurable interest is only required for life insurance policies
C. Insurable interest must always be proven at the time the policy is issued
D. The policyholder must have a financial stake in the property or event insured at the time of loss

Answer: D

Explanation:
interestrefers to the requirement that the policyholder must stand to suffer a financial loss from the event insured. In most cases, this must be proven at the time of loss, not just when the policy is issued.

NEW QUESTION # 60
The branch of law particularly relevant when handling negligence claims is

A. administrative.
B. constitutional law.
C. public law.
D. civil law.

Answer: D

NEW QUESTION # 61
A survey of a car repairers reveals a spray booth exists by an unguarded paraffin space beater. Also, a day's supply of paint is kept within the building and waste is removed daily from a metal bin. What will the underwriter perceive as the main physical hazard?

A. The spray booth.
B. The waste bin.
C. The unguarded paraffin space heater.
D. The paint.

Answer: C

NEW QUESTION # 62
The principle of subrogation prevents a policyholder from profiting from

A. submitting a full claim recovery under more than one insurance policy.
B. claiming under both his insurance policy and against any negligent third party.
C. assigning abandonment rights to the insurer.
D. retaining salvaged property.

Answer: B

NEW QUESTION # 63
What is the effect of a waiver on an insurance contract?

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

Answer: D

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 # 64
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