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CII E05 certification exam is an essential qualification for anyone looking to establish themselves as a knowledgeable and competent professional in the field of insurance law. E05 exam is challenging, but with the right preparation and study resources, candidates can demonstrate their expertise and enhance their career prospects in this important field.
NEW QUESTION # 23
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. provide reasonable guidance to an insured to help him make a claim.
- B. not unreasonably reject an insured's claim.
- C. settle a claim promptly once settlement has been agreed.
- D. handle a claims notification within 14 days.
Answer: A,B,C
NEW QUESTION # 24
Why may an insurer insert a continuing warranty into an insurance policy?
- A. To enable an insurer to charge an additional premium if the warranty is continually breached.
- 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 encourage good risk management by the insured throughout the policy period.
Answer: D
NEW QUESTION # 25
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. Case law.
- C. Official law reports.
- D. Legislation.
Answer: B,D
NEW QUESTION # 26
For this question more than 1 option is correct. You must select all the correct options to gain the mark. Which special defences are available to the fort of libel?
- A. Honest opinion.
- B. Necessity.
- C. Prescription.
- D. Privilege.
- E. Statutory authority.
Answer: A,D
NEW QUESTION # 27
According to statute, a term under a consumer personal accident insurance policy may potentially be considered unfair if the insurer
- A. applies a specific exclusion within the policy wording.
- B. imposes a premium loading.
- C. requires notification of a claim within a very short time period.
- D. provides coverage that is more restrictive than that of other insurers.
Answer: C
NEW QUESTION # 28
Within what time period, from the date when the damage first began, does the owner of an office block have a right to sue the builder for negligent construction work?
- A. 15 years.
- B. 3 years.
- C. 6 years.
- D. 9 years.
Answer: B
NEW QUESTION # 29
For this question more than 1 option is correct. You must select all the correct options to gain the mark.
A proposer for private motorcycle insurance carelessly states the motorcycle's engine capacity as 500cc when in fact it is 1500cc. A policy is issued by the insurer on this basis. In the event of a valid claim causing damage to the motorcycle, what potential remedies are available to the insurer under the Consumer Insurance (Disclosure and Representations) Act 2012?
- A. Avoid the contract, refuse all claims and keep the premium.
- B. Apply any terms it would have applied if the misrepresentation had not taken place.
- C. Reduce the claim amount in proportion to the premium it would have charged.
- D. Reject the claim, but maintain the policy.
Answer: B,C
NEW QUESTION # 30
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. Trust.
- B. Power of Attorney.
- C. Coinsurance.
- D. Lien.
Answer: A
NEW QUESTION # 31
In terms of private motor insurance, a renewal offer can be accepted
- A. by any third party.
- B. by the proposer acting in reliance of the offer.
- C. only by the proposer personally.
- D. only by written communication.
Answer: B
NEW QUESTION # 32
What are the main objectives of the principle of insurable interest?
- A. To reduce moral hazard and to discourage wagering.
- B. To reduce physical hazard and to discourage wagering.
- C. To reduce moral hazard and to discourage profiteering.
- D. To reduce physical hazard and to discourage profiteering.
Answer: A
NEW QUESTION # 33
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 cancel the insurance policy from inception.
- B. only avoid the claim if the delay has seriously prejudiced its investigation and handling of the claim.
- C. avoid the claim automatically due to the breach of the policy condition.
- D. settle the claim and recover its outlay from the insured.
Answer: C
NEW QUESTION # 34
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. Pay the claim in full.
- B. Avoid the policy ab initio.
- C. Make an ex-gratia payment.
- D. Reject the claim for breach of warranty.
Answer: A
NEW QUESTION # 35
In what circumstances is abandonment automatic under a marine hull insurance policy?
- A. The actual total loss of the vessel.
- B. The insured has performed an action of abandonment.
- C. The insured has sent a formal notice of abandonment.
- D. The constructive total loss of the vessel.
Answer: A
NEW QUESTION # 36
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. signs and submits the completed proposal form to the insurer.
- C. dies and his estate submits a claim to the insurer.
- D. forms the contract with the insurer.
Answer: D
NEW QUESTION # 37
For this question more than 1 option is correct. You must select all the correct options to gain the mark. How may double insurance arise?
- A. An overlap in cover between two different types of insurance policy.
- B. The inadvertent non-cancellation of a policy when a new policy is taken out.
- C. A merger between two major insurance companies.
- D. A deliberate attempt to obtain the proceeds of two policies.
Answer: A,D
NEW QUESTION # 38
The principle of subrogation prevents a policyholder from profiting from
- A. submitting a full claim recovery under more than one insurance policy.
- B. assigning abandonment rights to the insurer.
- C. retaining salvaged property.
- D. claiming under both his insurance policy and against any negligent third party.
Answer: D
NEW QUESTION # 39
A breach of warranty under the general law of contract legally entitles an injured party to
- A. avoid the contract from the date of the breach.
- B. avoid the contract ab initio.
- C. claim damages.
- D. obtain specific performance.
Answer: C
NEW QUESTION # 40
How can an agency relationship be best described?
- A. A person, who has paid another party under a contract, has the right to stand in the place of that other party and avail himself of the rights and remedies of that party.
- B. A person has the authority to act on behalf of another party.
- C. A person has ratified another party's action.
- D. A person has transferred his obligations under a contract to another party.
Answer: B
NEW QUESTION # 41
What is the most common for of corporation?
- A. Corporation sole.
- B. Statutory corporation.
- C. Chartered corporation.
- D. Registered corporation.
Answer: D
NEW QUESTION # 42
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 an express term in reaching or recording an agreement?
- A. It may be oral or in writing.
- B. It may be implied by conduct.
- C. It must be evidenced in documentary form.
- D. It will usually override any implied term which conflicts with it.
Answer: A,D
NEW QUESTION # 43
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