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CII M05 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Law of Agency and Insurance | - Agency relationships
|
| Nature and Sources of English Law and Legal Persons | - Legal personality
|
| Insurance Contract Terms and Vitiating Factors | - Policy terms and breaches
|
| Subrogation and Contribution | - Recovery rights and sharing of losses
|
| Law of Contract | - Contract formation and operation
|
| Formation of Insurance Contracts | - Core insurance principles
|
| Insurance Claims | - Claims process and legal principles
|
| Indemnity and Loss Measurement | - Principle of indemnity
|
| Law of Torts | - Principles of tort law
|
CII Insurance law (IL) Sample Questions:
1. 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?
A) Avoid the policy ab initio.
B) Reject the claim for breach of warranty.
C) Pay the claim in full.
D) Make an ex-gratia payment.
2. 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
A) not unreasonably reject an insured's claim.
B) provide reasonable guidance to an insured to help him make a claim.
C) handle a claims notification within 14 days.
D) settle a claim promptly once settlement has been agreed.
3. What is the basis of settlement under a new for old insurance policy if a television is stolen?
A) The original cost in full.
B) The replacement cost, less wear and tear.
C) The replacement cost in full.
D) The original cost, less wear and tear.
4. Which of the following is a key principle of insurance that ensures that a policyholder is not overcompensated for a loss?
A) Utmost good faith
B) Indemnity
C) Insurable interest
D) Subrogation
5. Which of the following statements is true regarding exclusions in an insurance policy?
A) Exclusions apply only if the loss is caused by fraud
B) Exclusions are always inapplicable if the insured pays extra for coverage
C) Exclusions limit the scope of coverage, specifying situations that are not covered
D) Exclusions are added to increase the risk of the insurer
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A,B,D | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
