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NEW QUESTION 13
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. dies and his estate submits a claim to the insurer.
- C. forms the contract with the insurer.
- D. signs and submits the completed proposal form to the insurer.
Answer: C
NEW QUESTION 14
In what circumstances is abandonment automatic under a marine hull insurance policy?
- A. The insured has sent a formal notice of abandonment.
- B. The insured has performed an action of abandonment.
- C. The constructive total loss of the vessel.
- D. The actual total loss of the vessel.
Answer: D
NEW QUESTION 15
For this question more than 1 option is correct. You must select fill the correct options to gain the mark. In what circumstances would an agency agreement be automatically terminated?
- A. Bankruptcy of the agent.
- B. Bankruptcy of the principal.
- C. Disclosure of the name of the principal.
- D. Death of the agent.
Answer: B,D
NEW QUESTION 16
A claimant may possibly recover money transferred under an illegal contract when
- A. the illegality makes the contract voidable rather than void.
- B. the contract is against public policy but not substantive law.
- C. both parties to the contract are equal in wrongdoing.
- D. the legal portion of the contract can be severed from the illega portion.
Answer: C
NEW QUESTION 17
John owns stock that he intentionally insured for £15,000, although the full value of the stock is £18.000. His insurance policy has no excess and is subject to a pro rata condition of average. In the event of water damaging
£6.000 of John's stock, how much will the insurer pay for a valid claim after the application of average?
- A. £3,000
- B. £6,000
- C. £5,000
- D. £15,000
Answer: C
NEW QUESTION 18
What are the main objectives of the principle of insurable interest?
- A. To reduce moral hazard and to discourage profiteering.
- B. To reduce physical hazard and to discourage wagering.
- C. To reduce moral hazard and to discourage wagering.
- D. To reduce physical hazard and to discourage profiteering.
Answer: C
NEW QUESTION 19
Adam was bitten by a stray dog in Africa. He washed his wound in a pond and a week later he became very ill with a high temperature. Initially, the local hospital treated him for malaria and later treated him for the fever following the dog bite. Adam died in hospital. What is the proximate cause of his death?
- A. The delay in seeking medical treatment.
- B. The delay in obtaining the correct medical treatment.
- C. The unhygienic washing of the dog bite.
- D. The original physical injury of the dog bite.
Answer: D
NEW QUESTION 20
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. Statutory authority.
- B. Necessity.
- C. Privilege.
- D. Honest opinion.
- E. Prescription.
Answer: C,D
NEW QUESTION 21
Why may an insurer insert a continuing warranty into an insurance policy?
- A. To ensure that underinsurance is avoided at all times.
- B. To maintain the annual aggregate limit of liability throughout the policy period.
- C. To encourage good risk management by the insured throughout the policy period.
- D. To enable an insurer to charge an additional premium if the warranty is continually breached.
Answer: C
NEW QUESTION 22
A breach of warranty under the general law of contract legally entitles an injured party to
- A. claim damages.
- B. obtain specific performance.
- C. avoid the contract ab initio.
- D. avoid the contract from the date of the breach.
Answer: A
NEW QUESTION 23
A riot results in a shop being damaged and the shopowner's insurer settling the claim. A subrogation right enabling the insurer to sue the police authority arises under
- A. a condition subsequent to liability.
- B. tort.
- C. statute.
- D. a condition precedent to liability.
Answer: C
NEW QUESTION 24
A professional indemnity policy includes a condition requiring that the insured must give prompt notice of any circumstance that could give rise to a claim. What type of condition is this?
- A. A collateral condition.
- B. A condition precedent to liability.
- C. A suspensive condition.
- D. A condition precedent to the contract.
Answer: B
NEW QUESTION 25
For this question more than 1 option is correct. You must select ail the correct options to gain the mark.
In what circumstances does the Fires Prevention (Metropolis) Act 1774 require insurance companies to ensure that claims monies are used to rebuild or reinstate buildings destroyed or damaged by fire?
- A. Where the building was destroyed by an explosion.
- B. Upon the request of any person(s) interested in the buildings.
- C. Where there is underinsurance.
- D. When fraud or arson by the insured is suspected.
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. What are the main sources of new English Law?
- A. International treaties.
- B. Official law reports.
- C. Legislation.
- D. Case law.
Answer: C,D
NEW QUESTION 27
Insurance agencies are usually created by way of
- A. implied agreement.
- B. deed of agreement.
- C. express agreement.
- D. unilateral agreement.
Answer: C
NEW QUESTION 28
What is the most common for of corporation?
- A. Statutory corporation.
- B. Chartered corporation.
- C. Registered corporation.
- D. Corporation sole.
Answer: C
NEW QUESTION 29
A married couple have equal shares in a property and are insured under a buildings insurance policy. What is the likely position in law of a breach of good faith by one party, which was unknown to the other party?
- A. Cover for both parties would be invalidated as the cover is likely to be a joint policy.
- B. Cover would be maintained in full for the innocent party as the cover is likely to be a composite policy.
- C. Cover for both parties would be invalidated as the cover is likely to be a composite policy.
- D. Cover would be maintained in full for the innocent party as the cover is likely to be a joint policy
Answer: A
NEW QUESTION 30
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