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NEW QUESTION # 30
At what stage is insurable interest required for a marine cargo insurance policy?
- A. At the time of the loss only.
- B. At both inception of the policy and at the time of the loss.
- C. At inception of the policy only.
- D. Throughout the duration of the contract.
Answer: A
NEW QUESTION # 31
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. tort.
- B. statute.
- C. a condition precedent to liability.
- D. a condition subsequent to liability.
Answer: B
NEW QUESTION # 32
The test of the materiality of facts in an insurance contract is defined according to the opinion of a
- A. prudent underwriter.
- B. diligent broker.
- C. reasonable person.
- D. honest proposer.
Answer: A
NEW QUESTION # 33
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 condition precedent to the contract.
- B. A condition precedent to liability.
- C. A collateral condition.
- D. A suspensive condition.
Answer: B
NEW QUESTION # 34
A warranty in Emily's personal travel insurance policy states that cash must be kept in a locked safe. Whilst on holiday, a storm destroys her hotel and its contents. When Emily completes a claim form for loss of money, she admits that her cash was NOT locked in the safe. What will be the insurer's likely response to her claim for the lost money?
- A. Avoid the policy ab initio.
- B. Make an ex-gratia payment.
- C. Reject the claim for breach of warranty.
- D. Pay the claim in full.
Answer: D
NEW QUESTION # 35
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.
Answer: D
NEW QUESTION # 36
For this question more than 1 option is correct. You must select all the correct options to gain the mark. In a consumer insurance policy, a warranty can arise as
- A. an exception clause.
- B. an express term.
- C. a continuing warranty.
- D. a basis of the contract clause.
Answer: B,D
NEW QUESTION # 37
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 would be maintained in full for the innocent party as the cover is likely to be a composite policy.
- B. Cover for both parties would be invalidated as the cover is likely to be a composite policy.
- C. Cover would be maintained in full for the innocent party as the cover is likely to be a joint policy
- D. Cover for both parties would be invalidated as the cover is likely to be a joint policy.
Answer: D
NEW QUESTION # 38
A household insurance policyholder leaves his home to go to work without setting the burglar alarm. Whilst he was out, his new tumble dryer overheats and causes fire damage to the kitchen. In what circumstances may the insurer legally reject a fire claim?
- A. If there is a breach of a warranty requiring the burglar alarm to be set.
- B. If the policyholder exaggerates the value of the claim.
- C. If the tumble dryer is covered by extended warranty insurance.
- D. If there is a subrogation action against the manufacturer of the tumble dryer.
Answer: B
NEW QUESTION # 39
When a defendant deliberately destroys possessions belonging to someone else, he has committed the tort(s) of
- A. trespass to goods, conversion and nuisance only,
- B. trespass to goods and conversion only.
- C. trespass to goods, conversion, nuisance and battery.
- D. trespass to goods only.
Answer: D
NEW QUESTION # 40
Within what time period, from the date when the damage first began, does the owner of an office block have a right to sue the builder for negligent construction work?
- A. 6 years.
- B. 15 years.
- C. 9 years.
- D. 3 years.
Answer: D
NEW QUESTION # 41
In the tort of negligence, a primary victim of nervous shock is a class of person who suffers psychiatric injury
- A. as a result of grief or sorrow for the loss of a person with whom he had a close relationship.
- B. as a result of stress or harassment at work.
- C. through fear for his own safety in an accident.
- D. through fear for the safety of another person involved in an accident which he witnessed.
Answer: C
NEW QUESTION # 42
Which divisional court of the High Court includes a Commercial Court?
- A. Chancery Division.
- B. Queen's Bench Division.
- C. Family Division.
- D. Partnership Division.
Answer: A
NEW QUESTION # 43
The branch of law particularly relevant when handling negligence claims is
- A. constitutional law.
- B. public law.
- C. administrative.
- D. civil law.
Answer: D
NEW QUESTION # 44
For this question more than 1 option is correct. You must select all the correct options to gain the mark. How may double insurance arise?
- A. An overlap in cover between two different types of insurance policy.
- B. A deliberate attempt to obtain the proceeds of two policies.
- C. A merger between two major insurance companies.
- D. The inadvertent non-cancellation of a policy when a new policy is taken out.
Answer: A,B
NEW QUESTION # 45
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. £15,000
- B. £5,000
- C. £6,000
- D. £3,000
Answer: B
NEW QUESTION # 46
Why may an insurer insert a continuing warranty into an insurance policy?
- A. To maintain the annual aggregate limit of liability throughout the policy period.
- B. To encourage good risk management by the insured throughout the policy period.
- C. To enable an insurer to charge an additional premium if the warranty is continually breached.
- D. To ensure that underinsurance is avoided at all times.
Answer: B
NEW QUESTION # 47
The proximate cause of a loss is best described as the
- A. final peril to cause the loss.
- B. first peril to cause the loss.
- C. most dominant cause of the loss.
- D. most remote cause of the loss.
Answer: C
NEW QUESTION # 48
In respect of a life assurance policy, the duty to take reasonable care NOT to make a misrepresentation ends when the proposer
- A. forms the contract with the insurer.
- B. signs and submits the completed proposal form to the insurer.
- C. assigns the contract to a third party.
- D. dies and his estate submits a claim to the insurer.
Answer: A
NEW QUESTION # 49
Insurance agencies are usually created by way of
- A. deed of agreement.
- B. implied agreement.
- C. express agreement.
- D. unilateral agreement.
Answer: C
NEW QUESTION # 50
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