CII E05 Examination element of M05 Insurance law Online Training
CII E05 Online Training
The questions for E05 were last updated at Nov 22,2024.
- Exam Code: E05
- Exam Name: Examination element of M05 Insurance law
- Certification Provider: CII
- Latest update: Nov 22,2024
Whilst Tim was on holiday, unknown to him his agent made a contract on his behalf. Tim is happy to ratify the contract but he does want to change a minor term. The services under the contract are scheduled to be carried out next week.
What is the legal position regarding ratification of the contract?
- A . Tim cannot ratify the contract as it was made without his knowledge.
- B . Tim cannot ratify the contract excluding the minor term as the whole contract must be ratified.
- C . Tim can ratify the contract and change the term as it is only a minor term.
- D . Tim can ratify the contract and change the minor term if this is done within reasonable time.
Alice acted as an agent for Ted in a house clearance sale and has successfully claimed commission by implied agreement. What does this indicate about the commission?
- A . It was agreed as it was based on a verbal agreement.
- B . It was agreed as it was detailed in an agency contract.
- C . It was not agreed, but Alice had a lien on Ted’s property.
- D . It was not agreed, but Alice’s work was in her usual line of business for which she would normally be paid.
In respect of consumer insurance contracts, the duty of utmost good faith means that the
- A . broker has a duty to the proposer to find the widest coverage at the best price.
- B . broker and the insurer have a duty of confidentiality regarding contract information.
- C . proposer has a duty to disclose all material facts relating to the contract.
- D . proposer and the insurer have a duty to deal honestly and openly in negotiations leading to formation of the contract.
Stuart has a joint mortgage with his wife of £60,000 and a personal loan of £5,000, but no other debts. How much insurable interest does his wife have in his life?
- A . A maximum of £30,000.
- B . A maximum of £60,000.
- C . A maximum of £65,000.
- D . An unlimited amount.
A proposer for property insurance did NOT inform the insurer that his business premises were protected by a burglar alarm. What are the implications, if any, of this omission once the insurer is on risk and the premium is paid?
- A . None, as it is a factor that lessens the risk.
- B . The insurer is obliged to refund a proportion of the premium.
- C . The insurer can avoid the policy for non-disclosure.
- D . The insurer is obliged to quote revised premium terms to the proposer.
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