CII Insurance Law (M05) M05 Braindumps

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CII M05 Exam Syllabus Topics:

CII Insurance law (IL) Sample Questions:

1. A professional indemnity policy includes a condition requiring that the insured must give prompt notice of any circumstance that could give rise to a claim. What type of condition is this?

A) A condition precedent to liability.
B) A collateral condition.
C) A suspensive condition.
D) A condition precedent to the contract.

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

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

3. Tim is a local insurance broker. He has authority to receive premiums for a personal lines insurer and earns commission from the insurer for sales. Paul, an elderly customer, asked Tim for advice regarding his personal insurance requirements and to assist with completing the proposal form for household insurance. In these circumstances, who, if anyone, is Tim's principal?

A) The insurer at all times.
B) Both the insurer and Paul at different times.
C) Paul as it is a consumer contract.
D) No one as Tim is not a party to the insurance contract.

4. Which of the following best defines an insurance contract?

A) A contract for the protection of physical property only.
B) A contract in which one party agrees to indemnify another against specified risks in exchange for premiums.
C) A contract that only applies to personal property insurance.
D) A contract where the insurer assumes no liability.

5. In what circumstances is abandonment automatic under a marine hull insurance policy?

A) The constructive total loss of the vessel.
B) The insured has sent a formal notice of abandonment.
C) The insured has performed an action of abandonment.
D) The actual total loss of the vessel.

Solutions: