M05 Test Question - M05 Interactive EBook

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CII M05 Exam Syllabus Topics:

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

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CII Insurance law (IL) Exam Sample Questions (Q110-Q115):

NEW QUESTION # 110
For this question more than 1 option is correct. You must select all the correct options to gain the mark. How may double insurance arise?

A. A merger between two major insurance companies.
B. An overlap in cover between two different types of insurance policy.
C. A deliberate attempt to obtain the proceeds of two policies.
D. The inadvertent non-cancellation of a policy when a new policy is taken out.

Answer: B,C

NEW QUESTION # 111
In the context of an insurance claim, what does the principle of subrogation refer to?

A. The insurer's right to reduce the claim payout
B. The insurer's right to pursue a third party responsible for the loss
C. The insured's right to receive compensation up to the value of their loss
D. The insured's obligation to provide all relevant documents to the insurer

Answer: B

Explanation:
Subrogationis the principle that allows the insurer to step into the shoes of the insured and pursue any third party responsible for causing the loss. This helps the insurer recover the claim amount paid out to the insured.

NEW QUESTION # 112
Which divisional court of the High Court includes a Commercial Court?

A. Chancery Division.
B. Partnership Division.
C. Family Division.
D. Queen's Bench Division.

Answer: A

NEW QUESTION # 113
Fraudulent claims invalidate the policy and the insurer is entitled to cancel the policy and deny any claims associated with it. Fraud is a serious violation under the principle of utmost good faith.
What is the purpose of the Doctrine of Insurable Interest in insurance contracts?

A. To protect the insurer from excessive claims
B. To protect the policyholder's right to make a claim regardless of their involvement
C. To ensure that the policyholder has a financial stake in the insured item or person
D. To prevent the insured from profiting from a loss

Answer: C

Explanation:
The Doctrine of Insurable Interest ensures that the policyholder has a legitimate financial or emotional interest in the person or property being insured. This helps to prevent fraudulent claims.

NEW QUESTION # 114
A claimant may possibly recover money transferred under an illegal contract when

A. the contract is against public policy but not substantive law.
B. both parties to the contract are equal in wrongdoing.
C. the legal portion of the contract can be severed from the illega portion.
D. the illegality makes the contract voidable rather than void.

Answer: B

NEW QUESTION # 115
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