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To prepare for the E05 examination element of the M05 Insurance Law Certification Exam, candidates should have a strong understanding of insurance law and its application to the insurance industry. They should also be familiar with the regulatory framework that governs the industry and the legal requirements for insurance companies and brokers. Candidates should also have a good understanding of the legal requirements for insurance policies and the terms and conditions that must be included in a policy. With proper preparation, candidates can successfully pass the E05 examination element and earn the M05 Insurance Law Certification.
CII E05 exam is challenging and requires a significant amount of preparation to ensure success. Candidates should have a good understanding of the M05 Insurance Law module and should be familiar with the key legal principles and concepts covered in the course material. Additionally, candidates should be comfortable with the format and structure of multiple-choice exams and should have a good understanding of the key exam techniques, such as time management and how to approach difficult questions.
CII E05 certification exam is an essential element for individuals who wish to pursue a career in the insurance industry. It provides a comprehensive assessment of a candidate's knowledge and understanding of insurance law, equipping them with the necessary skills to provide quality insurance services to clients. Candidates who pass the exam will be recognized as experts in insurance law, increasing their employability and career prospects in the insurance industry.
NEW QUESTION # 11
For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the main sources of new English Law?
- A. International treaties.
- B. Legislation.
- C. Case law.
- D. Official law reports.
Answer: B,C
NEW QUESTION # 12
A riot results in a shop being damaged and the shopowner's insurer settling the claim. A subrogation right enabling the insurer to sue the police authority arises under
- A. statute.
- B. a condition precedent to liability.
- C. tort.
- D. a condition subsequent to liability.
Answer: A
NEW QUESTION # 13
A property policy contains a condition regarding prompt loss notification. If the insured fails to comply with this condition, in practice, the insurer is likely to
- A. settle the claim and recover its outlay from the insured.
- B. avoid the claim automatically due to the breach of the policy condition.
- C. settle the claim and cancel the insurance policy from inception.
- D. only avoid the claim if the delay has seriously prejudiced its investigation and handling of the claim.
Answer: B
NEW QUESTION # 14
What is the intended purpose of a subrogation waiver clause in an insurance po
- A. Cover is suspended whilst the insurer pursues an action for subrogation.
- B. The insured has a duty to ensure that the insurer's subrogation rights are maintained.
- C. The doctrine of subrogation is excluded from the policy.
- D. The insurer's subrogation rights will not be exercised against certain parties associated with the insured.
Answer: D
NEW QUESTION # 15
A person insures her own life under a life insurance policy but does so expressly for the benefit of another. To facilitate this, which type of arrangement is most commonly established?
- A. Power of Attorney.
- B. Lien.
- C. Trust.
- D. Coinsurance.
Answer: C
NEW QUESTION # 16
The principle of subrogation prevents a policyholder from profiting from
- A. claiming under both his insurance policy and against any negligent third party.
- B. retaining salvaged property.
- C. submitting a full claim recovery under more than one insurance policy.
- D. assigning abandonment rights to the insurer.
Answer: A
NEW QUESTION # 17
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. £15,000
- B. £6,000
- C. £5,000
- D. £3,000
Answer: C
NEW QUESTION # 18
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 maintain the annual aggregate limit of liability throughout the policy period.
- C. To ensure that underinsurance is avoided at all times.
- D. To enable an insurer to charge an additional premium if the warranty is continually breached.
Answer: A
NEW QUESTION # 19
What are the main objectives of the principle of insurable interest?
- A. To reduce physical hazard and to discourage wagering.
- B. To reduce physical hazard and to discourage profiteering.
- C. To reduce moral hazard and to discourage profiteering.
- D. To reduce moral hazard and to discourage wagering.
Answer: D
NEW QUESTION # 20
What is the maximum contingency fee percentage under a damages-based agreement that can be charged by a solicitor for personal injury cases and employment tribunal cases respectively?
- A. 50% for both cases.
- B. 35% for personal injury cases and 25% for employment tribunal cases.
- C. 35% for both cases.
- D. 25% for personal injury cases and 35% for employment tribunal cases.
Answer: D
NEW QUESTION # 21
The proximate cause of a loss is best described as the
- A. most dominant cause of the loss.
- B. final peril to cause the loss.
- C. first peril to cause the loss.
- D. most remote cause of the loss.
Answer: A
NEW QUESTION # 22
Insurance agencies are usually created by way of
- A. unilateral agreement.
- B. implied agreement.
- C. express agreement.
- D. deed of agreement.
Answer: C
NEW QUESTION # 23
Adam was bitten by a stray dog in Africa. He washed his wound in a pond and a week later he became very ill with a high temperature. Initially, the local hospital treated him for malaria and later treated him for the fever following the dog bite. Adam died in hospital. What is the proximate cause of his death?
- A. The delay in obtaining the correct medical treatment.
- B. The original physical injury of the dog bite.
- C. The unhygienic washing of the dog bite.
- D. The delay in seeking medical treatment.
Answer: B
NEW QUESTION # 24
A claimant may possibly recover money transferred under an illegal contract when
- A. the contract is against public policy but not substantive law.
- B. both parties to the contract are equal in wrongdoing.
- C. the illegality makes the contract voidable rather than void.
- D. the legal portion of the contract can be severed from the illega portion.
Answer: B
NEW QUESTION # 25
What is the most common for of corporation?
- A. Corporation sole.
- B. Registered corporation.
- C. Statutory corporation.
- D. Chartered corporation.
Answer: B
NEW QUESTION # 26
In respect of a life assurance policy, the duty to take reasonable care NOT to make a misrepresentation ends when the proposer
- A. assigns the contract to a third party.
- B. forms the contract with the insurer.
- C. dies and his estate submits a claim to the insurer.
- D. signs and submits the completed proposal form to the insurer.
Answer: B
NEW QUESTION # 27
According to statute, a term under a consumer personal accident insurance policy may potentially be considered unfair if the insurer
- A. provides coverage that is more restrictive than that of other insurers.
- B. requires notification of a claim within a very short time period.
- C. imposes a premium loading.
- D. applies a specific exclusion within the policy wording.
Answer: B
NEW QUESTION # 28
Dan made a financial arrangement on behalf of Liz. However, Liz had the arrangement set aside by the court on the basis that she had been unduly influenced by Dan. To establish undue influence, the court must have specifically identified Dan as
- A. Liz's husband.
- B. a person holding a dominant position over Liz.
- C. Liz's independent financial adviser.
- D. a person holding a senior position at Liz's bank.
Answer: B
NEW QUESTION # 29
The branch of law particularly relevant when handling negligence claims is
- A. constitutional law.
- B. public law.
- C. administrative.
- D. civil law.
Answer: D
NEW QUESTION # 30
A married couple have equal shares in a property and are insured under a buildings insurance policy. What is the likely position in law of a breach of good faith by one party, which was unknown to the other party?
- A. Cover for both parties would be invalidated as the cover is likely to be a joint policy.
- B. Cover for both parties would be invalidated as the cover is likely to be a composite policy.
- C. Cover would be maintained in full for the innocent party as the cover is likely to be a joint policy
- D. Cover would be maintained in full for the innocent party as the cover is likely to be a composite policy.
Answer: A
NEW QUESTION # 31
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