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| Section | Objectives |
|---|---|
| Liability and Tort Law | - Vicarious liability - Occupiers’ liability - Negligence principles |
| Insurance Contract Formation | - Policy wording and interpretation - Offer, acceptance, consideration, and intention to create legal relations |
| Principles of Insurance Law | - Nature and purpose of insurance law - Fundamental legal principles affecting insurance contracts |
| Claims and Remedies | - Claims handling process - Fraud and avoidance of policies - Subrogation and contribution |
| Key Legal Principles in Insurance | - Insurable interest - Disclosure and misrepresentation - Warranties and conditions - Utmost good faith (uberrimae fidei) |
The branch of law particularly relevant when handling negligence claims is
Correct Answer: A 🗳️
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?
Correct Answer: B,C 🗳️
As a result of a breach of good faith under a commercial insurance policy, the insurer avoided the policy as a whole, but was NOT permitted to retain the premium because
Correct Answer: D 🗳️
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
Correct Answer: A,C,D 🗳️
Tim is a local insurance broker. He has authority to receive premiums for a personal lines insurer and earns commission from the insurer for sales. Paul, an elderly customer, asked Tim for advice regarding his personal insurance requirements and to assist with completing the proposal form for household insurance. In these circumstances, who, if anyone, is Tim's principal?
Correct Answer: B 🗳️
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Insurance law (IL) Exam
Examination element of M05 Insurance law
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