CII Insurance Law (M05) M05

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CII Insurance law (IL) Sample Questions:

1. Which of the following terms in an insurance policy is typically enforceable in a court of law?

A) Exclusions
B) Warranties
C) Conditions precedent
D) Representations

2. Why may an insurer insert a continuing warranty into an insurance policy?

A) To encourage good risk management by the insured throughout the policy period.
B) To ensure that underinsurance is avoided at all times.
C) To maintain the annual aggregate limit of liability throughout the policy period.
D) To enable an insurer to charge an additional premium if the warranty is continually breached.

3. Which of the following is a key principle of insurance that ensures that a policyholder is not overcompensated for a loss?

A) Subrogation
B) Insurable interest
C) Indemnity
D) Utmost good faith

4. In the context of an insurance claim, what does the principle of subrogation refer to?

A) The insurer's right to pursue a third party responsible for the loss
B) The insured's right to receive compensation up to the value of their loss
C) The insured's obligation to provide all relevant documents to the insurer
D) The insurer's right to reduce the claim payout

5. John owns stock that he intentionally insured for £15,000, although the full value of the stock is £18.000. His insurance policy has no excess and is subject to a pro rata condition of average. In the event of water damaging £6.000 of John's stock, how much will the insurer pay for a valid claim after the application of average?

A) £6,000
B) £3,000
C) £5,000
D) £15,000

Solutions: