First-hand CII Practice Test M05 Pdf: Insurance law (IL) Exam & M05 Exam Collection Pdf

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CII M05 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Legislation and Regulation	14%	- Consumer protection, data protection, FCA/PRA rules 1. Insurance regulatory framework
Topic 2: Claims and Loss Settlement	14%	- Notification, proof of loss, measure of indemnity 1. Subrogation, contribution, proximate cause
Topic 3: Formation of Insurance Contracts	18%	- Utmost good faith, disclosure, representation 1. Insurable interest, indemnity, subrogation
Topic 4: Terms and Interpretation of Insurance Contracts	16%	- Conditions, warranties, exceptions 1. Vitiating factors, construction of terms
Topic 5: Law of Torts	8%	- Principles of tort liability 1. Negligence, nuisance, strict liability
Topic 6: Law of Contract	12%	- Formation of contract 1. Offer, acceptance, consideration, intention 2. Terms, breach, remedies, privity
Topic 7: Law of Agency	8%	- Authority, duties, rights and liabilities 1. Agent-principal relationship in insurance
Topic 8: English Legal System and Basic Concepts	10%	- Nature and sources of law 1. Legal persons and capacity 2. Common law, statute law, EU law

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CII Insurance law (IL) Exam Sample Questions (Q56-Q61):

NEW QUESTION # 56
A warranty in Emily's personal travel insurance policy states that cash must be kept in a locked safe. Whilst on holiday, a storm destroys her hotel and its contents. When Emily completes a claim form for loss of money, she admits that her cash was NOT locked in the safe. What will be the insurer's likely response to her claim for the lost money?

A. Avoid the policy ab initio.
B. Reject the claim for breach of warranty.
C. Pay the claim in full.
D. Make an ex-gratia payment.

Answer: C

NEW QUESTION # 57
Two liability policies with different insurers cover the same loss of £15,000,000. The limit of liability is
£10,000,000 under policy X and £20,000,000 under policy Y. Neither policy has a non-contribution clause.
What amount will policy Y contribute towards the claim payment?

A. £5,000,000
B. £10,000,000
C. £7,500,000
D. £9,000,000

Answer: D

NEW QUESTION # 58
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. a condition subsequent to liability.
D. tort.

Answer: B

NEW QUESTION # 59
Why may an insurer insert a continuing warranty into an insurance policy?

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

Answer: D

NEW QUESTION # 60
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 be ignored in accordance with the provisions of the Rehabilitation of Offenders Act 1974.
B. They will only be considered if Tom had a further speeding conviction in the last 12 months.
C. They will be classed as relevant information and will affect the premium.
D. They will not be considered as this is not an underwriting factor in motor insurance risk assessment.

Answer: A

NEW QUESTION # 61
......

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