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CII Insurance law (IL) Sample Questions:

1. What are the main reasons why the law requires insurable interest to exist?

A) Discourage underinsurance and ensure premium adequacy.
B) Discourage betterment and ensure premium adequacy.
C) Reduce moral hazard and discourage gambling.
D) Reduce physical hazard and discourage gambling.

2. 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) not unreasonably reject an insured's claim.
B) settle a claim promptly once settlement has been agreed.
C) handle a claims notification within 14 days.
D) provide reasonable guidance to an insured to help him make a claim.

3. Fred knew Susie wanted to sell her car. On behalf of Susie, Fred agreed the sale of the car to Tina for £5.000.
That evening, Susie ratified Fred's agreement with Tina The next day. Tina decided NOT to proceed with the purchase What is Susie's legal position in these circumstances?

A) She can sue Tina for breach of contract.
B) She has no legal right to sue.
C) She can sue Fred for breach of agency agreement.
D) She can sue both Fred and Tina jointly for breach of good faith.

4. How can an agency relationship be best described?

A) A person has ratified another party's action.
B) A person has the authority to act on behalf of another party.
C) A person has transferred his obligations under a contract to another party.
D) 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.

5. Which of the following is true about insurable interest?

A) Insurable interest is only required for life insurance policies
B) Insurable interest must always be proven at the time the policy is issued
C) The policyholder must have a financial stake in the property or event insured at the time of loss
D) The policyholder must have an interest in the property at the time of policy purchase but not at thetime of loss

Solutions: