CII M05 real exam prep : Insurance law (IL) Exam

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CII M05 Exam Syllabus Topics:

CII Insurance law (IL) Sample Questions:

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

A) On submission of a claim.
B) It does not apply as the duty is to take reasonable care not to make a misrepresentation.
C) From the date of a breach of warranty.
D) Where there is a variation in the insured risk.

2. The principle of subrogation prevents a policyholder from profiting from

A) assigning abandonment rights to the insurer.
B) retaining salvaged property.
C) submitting a full claim recovery under more than one insurance policy.
D) claiming under both his insurance policy and against any negligent third party.

3. How can an agency relationship be best described?

A) A person, who has paid another party under a contract, has the right to stand in the place of that other party and avail himself of the rights and remedies of that party.
B) A person has the authority to act on behalf of another party.
C) A person has transferred his obligations under a contract to another party.
D) A person has ratified another party's action.

4. What is the role of the Financial Ombudsman Service (FOS) in insurance disputes?

A) It regulates the pricing of insurance products
B) It helps consumers resolve complaints with their insurers
C) It issues licenses to insurance companies
D) It provides legal advice to insurers

5. What does the principle of "indemnity" generally prevent in an insurance contract?

A) Limiting the insurer's liability
B) Setting premiums based on market conditions
C) Allowing the insured to profit from the loss
D) Insuring property for more than its actual value

Solutions: