M05 CII Insurance law (IL) Exam exact Exam Questions

Insurance law (IL) Exam

Last Update 17 hours ago Total Questions : 118

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Question # 11

Fred knew Susie wanted to sell her car. On behalf of Susie, Fred agreed the sale of the car to Tina for £5.000. That evening, Susie ratified Fred's agreement with Tina The next day. Tina decided NOT to proceed with the purchase What is Susie's legal position in these circumstances?

She can sue both Fred and Tina jointly for breach of good faith.

She can sue Fred for breach of agency agreement.

She can sue Tina for breach of contract.

She has no legal right to sue.

Question # 12

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?

Immediately, irrespective of prognosis.

He does not need to disclose this.

Immediately, but only if the diagnosis is terminal.

At the date of the next premium payment.

Question # 13

When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as

a real statement.

a new for old policy.

a first loss policy.

an indemnity policy.

Question # 14

For this question more than 1 option is correct. You must select all the correct options to gain the mark.

The Insurance: Conduct of Business sourcebook (ICOBS) rules in respect of claims handling specify that an insurer must

settle a claim promptly once settlement has been agreed.

handle a claims notification within 14 days.

provide reasonable guidance to an insured to help him make a claim.

not unreasonably reject an insured's claim.

Question # 15

What is the intended purpose of a subrogation waiver clause in an insurance po

The doctrine of subrogation is excluded from the policy.

The insured has a duty to ensure that the insurer's subrogation rights are maintained.

Cover is suspended whilst the insurer pursues an action for subrogation.

The insurer's subrogation rights will not be exercised against certain parties associated with the insured.

Question # 16

When, if at all, does the duty of fair presentation of a risk apply after a non-consumer insurance contract has been formed?

From the date of a breach of warranty.

It does not apply as the duty is to take reasonable care not to make a misrepresentation.

Where there is a variation in the insured risk.

On submission of a claim.

Question # 17

In which of the following cases can the insurer void an insurance contract?

If the policyholder does not pay the premium

If the insurer fails to provide a certificate of insurance

If the policyholder has misrepresented a material fact at the time of underwriting

If the insurer cannot locate the policyholder

Question # 18

An employee suffered a minor injury lo his arm at work, due to a breach of duty by his employer. The medical treatment he received at hospital was negligent and caused his minor injury to deteriorate to the extent that his arm had to be amputated. To what extent, if at all, is the employer liable?

The employer will not be liable for the employee's injuries at all

The employer will be held strictly liable for the full extent of the employee's injuries

The employer and the hospital will split liability on an equal basis

The employer will not be held liable for the unforeseeable extent of the employee's injuries