M05 Latest Practice Questions | M05 Test Guide

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CII M05 Exam Syllabus Topics:

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

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CII Insurance law (IL) Exam Sample Questions (Q41-Q46):

NEW QUESTION # 41
In the context of insurance law, who is considered a third-party claimant?

A. A family member of the policyholder
B. An insurance broker acting on behalf of a client
C. The policyholder who initiates a claim
D. A person who suffers a loss or injury caused by the policyholder's actions

Answer: C

Explanation:
A third-party claimant is someone who is not a party to the insurance contract but claims compensation from the policyholder's insurer for losses or injuries caused by the policyholder.

NEW QUESTION # 42
According to statute law, an unfair term in a consumer insurance contract is defined as one which

A. causes a significant imbalance in the parties' rights to the detriment of the consumer.
B. has been individually negotiated and is to the detriment of either one of the parties.
C. does not restrict liability for death or personal injury.
D. provides insurance where the scope of cover is narrow compared to the premium charged.

Answer: A

NEW QUESTION # 43
For this question more than 1 option is correct. You must select ail the correct options to gain the mark.
In what circumstances does the Fires Prevention (Metropolis) Act 1774 require insurance companies to ensure that claims monies are used to rebuild or reinstate buildings destroyed or damaged by fire?

A. When fraud or arson by the insured is suspected.
B. Where there is underinsurance.
C. Upon the request of any person(s) interested in the buildings.
D. Where the building was destroyed by an explosion.

Answer: A,C

NEW QUESTION # 44
John has a whole of life policy and has recently been diagnosed with cancer. When, if at all. must he disclose this to his insurer?

A. Immediately, but only if the diagnosis is terminal.
B. He does not need to disclose this.
C. Immediately, irrespective of prognosis.
D. At the date of the next premium payment.

Answer: B

NEW QUESTION # 45
Dan made a financial arrangement on behalf of Liz. However, Liz had the arrangement set aside by the court on the basis that she had been unduly influenced by Dan. To establish undue influence, the court must have specifically identified Dan as

A. a person holding a dominant position over Liz.
B. Liz's independent financial adviser.
C. Liz's husband.
D. a person holding a senior position at Liz's bank.

Answer: A

NEW QUESTION # 46
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