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| Section | Objectives |
|---|---|
| Topic 1: Law of Agency and Insurance | - Agency relationships
|
| Topic 2: Insurance Claims | - Claims process and legal principles
|
| Topic 3: Law of Torts | - Principles of tort law
|
| Topic 4: Law of Contract | - Contract formation and operation
|
| Topic 5: Formation of Insurance Contracts | - Insurance contract principles
|
| Topic 6: Indemnity and Measurement of Loss | - Application of indemnity
|
| Topic 7: Subrogation and Contribution | - Recovery and sharing of losses
|
| Topic 8: Nature and Sources of English Law and Natural Legal Persons | - Nature and sources of English law
|
| Topic 9: Insurance Contract Terms and Vitiating Factors | - Policy terms and validity
|
In respect of a life assurance policy, the duty to take reasonable care NOT to make a misrepresentation ends when the proposer
Correct Answer: C 🗳️
What are the main objectives of the principle of insurable interest?
Correct Answer: A 🗳️
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?
Correct Answer: A,B 🗳️
In what circumstances is abandonment automatic under a marine hull insurance policy?
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: A 🗳️
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