Examination element of M05 Insurance law: E05 Exam Premium File as PDF & Test Engine

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CII Examination element of M05 Insurance law Sample Questions:

1. Bill owned a painting which was insured under a policy containing a first refusal clause. The painting was stolen and Bill's claim was settled, but several months later the painting was recovered by the police. As a consequence, what is Bill's position under his insurance policy?

A) Bill may keep the claim settlement and also keep the painting.
B) Bill may exercise an option to buy the painting back.
C) Bill must return the claim settlement in exchange for the painting.
D) Bill must buy the painting back.

2. According to statute law, an unfair term in a consumer insurance contract is defined as one which

A) causes a significant imbalance in the parties' rights to the detriment of the consumer.
B) provides insurance where the scope of cover is narrow compared to the premium charged.
C) does not restrict liability for death or personal injury.
D) has been individually negotiated and is to the detriment of either one of the parties.

3. Two liability policies with different insurers cover the same loss of £15,000,000. The limit of liability is
£10,000,000 under policy X and £20,000,000 under policy Y. Neither policy has a non-contribution clause.
What amount will policy Y contribute towards the claim payment?

A) £5,000,000
B) £7,500,000
C) £10,000,000
D) £9,000,000

4. What is the most common for of corporation?

A) Registered corporation.
B) Chartered corporation.
C) Statutory corporation.
D) Corporation sole.

5. For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the characteristics of a corporation aggregate?

A) It is a legal person representing one official position.
B) It is answerable to its shareholders or members.
C) It is not treated as a separate legal entity.
D) It is an organisation with a separate legal existence to its membership.

Solutions: