CII M05 : Insurance law (IL) Exam

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CII M05 Exam Syllabus Topics:

CII Insurance law (IL) Sample Questions:

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

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

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

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

3. 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) only avoid the claim if the delay has seriously prejudiced its investigation and handling of the claim.
B) settle the claim and cancel the insurance policy from inception.
C) settle the claim and recover its outlay from the insured.
D) avoid the claim automatically due to the breach of the policy condition.

4. The principle of indemnity is the

A) placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
B) placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
C) obligation of the insurer to provide a maximum sum insured or limit of liability.
D) obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.

5. Under the principle of indemnity, what is the objective of an insurance contract?

A) To ensure the insured profits from the loss
B) To ensure the insured receives full compensation for their loss regardless of the circumstances
C) To protect the insurer from fraudulent claims
D) To restore the insured to the same financial position they were in before the loss

Solutions: