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CII Insurance law (IL) Exam Sample Questions (Q29-Q34):

NEW QUESTION # 29
Which of the following is true regarding the "principle of subrogation"?

A. It allows the insured to be compensated twice for the same loss
B. It prevents the insurer from recovering any costs from a third party
C. It means the insurer is entitled to the premium even if the claim is not paid
D. It allows the insurer to pursue third parties responsible for the loss

Answer: D

Explanation:
Subrogation allows the insurer to "step into the shoes" of the insured after they pay a claim, allowing them to pursue recovery from any third parties who may be responsible for the loss.

NEW QUESTION # 30
Which legislation regulates the conduct of insurance companies and their intermediaries in the UK?

A. The Companies Act 2006
B. The Consumer Insurance (Disclosure and Representations) Act 2012
C. The Financial Services and Markets Act 2000
D. The Insurance Act 2015

Answer: C

Explanation:
The Financial Services and Markets Act 2000 (FSMA) regulates the conduct of financial services firms, including insurance companies and intermediaries, in the UK. It establishes the framework for the regulation of the insurance industry.

NEW QUESTION # 31
How can an agency relationship be best described?

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

Answer: A

NEW QUESTION # 32
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 can sue both Fred and Tina jointly for breach of good faith.
C. She can sue Fred for breach of agency agreement.
D. She has no legal right to sue.

Answer: D

NEW QUESTION # 33
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 insurer's subrogation rights will not be exercised against certain parties associated with the insured.
C. The insured has a duty to ensure that the insurer's subrogation rights are maintained.
D. The doctrine of subrogation is excluded from the policy.

Answer: B

NEW QUESTION # 34
......

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New CII M05 Exam Questions | New M05 Exam Test

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CII Insurance law (IL) Exam Sample Questions (Q29-Q34):

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