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Exam Code: M05
Exam Name: Insurance law (IL) Exam
Updated: Oct 03, 2026
Q & A: 121 Questions and Answers
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| Section | Objectives |
|---|---|
| Liability and Tort | - Negligence and duty of care
|
| Legal System and Sources of Law | - Sources of law
|
| Agency Law | - Creation and authority of agents
|
| Contract Law and Insurance Contracts | - Formation of contracts
|
| Insurance Claims and Legal Principles | - Claims handling principles
|
A risk control survey shows that premises proposed for insurance are in close proximity to a river with a history of flooding. The underwriter will consider this fact to be a
Correct Answer: C 🗳️
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?
Correct Answer: B 🗳️
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?
Correct Answer: C 🗳️
Which of the following is a key principle of insurance law that requires the insured to disclose all material facts?
Correct Answer: D 🗳️
Explanation: Only visible for PassTorrent members. You can sign-up / login (it's free).
If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it
Correct Answer: B 🗳️
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