E05 CII Examination element of M05 Insurance law exact Exam Questions

Examination element of M05 Insurance law

Last Update 17 hours ago Total Questions : 50

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Question # 1

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?

When fraud or arson by the insured is suspected.

Where the building was destroyed by an explosion.

Where there is underinsurance.

Upon the request of any person(s) interested in the buildings.

Question # 2

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 deliberate attempt to obtain the proceeds of two policies.

A merger between two major insurance companies.

An overlap in cover between two different types of insurance policy.

The inadvertent non-cancellation of a policy when a new policy is taken out.

Question # 3

In respect of a life assurance policy, the duty to take reasonable care NOT to make a misrepresentation ends when the proposer

assigns the contract to a third party.

dies and his estate submits a claim to the insurer.

forms the contract with the insurer.

signs and submits the completed proposal form to the insurer.

Question # 4

For this question more than 1 option is correct. You must select all the correct options to gain the mark. In a consumer insurance policy, a warranty can arise as

an express term.

a continuing warranty.

an exception clause.

a basis of the contract clause.

Question # 5

For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the main sources of new English Law?

International treaties.

Case law.

Legislation.

Official law reports.

Question # 6

In the tort of negligence, a primary victim of nervous shock is a class of person who suffers psychiatric injury

through fear for his own safety in an accident.

through fear for the safety of another person involved in an accident which he witnessed.

as a result of stress or harassment at work.

as a result of grief or sorrow for the loss of a person with whom he had a close relationship.

Question # 7

Insurance agencies are usually created by way of

implied agreement.

unilateral agreement.

express agreement.

deed of agreement.

Question # 8

Who is entitled to the surplus if a subrogation recovery from a negligent third party is greater than the amount the insurer has paid to the insured?

The insured only.

The insurer only.

The State

It is shared between the insurer and the insured.

Question # 9

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?

Pay the claim in full.

Reject the claim for breach of warranty.

Make an ex-gratia payment.

Avoid the policy ab initio.