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CII Insurance law (IL) Exam Sample Questions (Q86-Q91):

NEW QUESTION # 86
Under the principle of indemnity, what is the objective of an insurance contract?

A. To ensure the insured profits from the loss
B. To restore the insured to the same financial position they were in before the loss
C. To protect the insurer from fraudulent claims
D. To ensure the insured receives full compensation for their loss regardless of the circumstances

Answer: B

Explanation:
Explanation: The principle of indemnity aims to ensure that the insured is financially restored to the same position they were in before the loss occurred, without allowing them to profit from the insurance claim.

NEW QUESTION # 87
Which of the following is a typical remedy for an insurer when the insured breaches a warranty?

A. The insurer can sue the insured for breach of contract
B. The insurer is obligated to reduce the payout amount based on the breach
C. The insurer must continue to provide coverage, but with an increased premium
D. The insurer may cancel the contract or refuse to pay a claim

Answer: D

Explanation:
A breach of a warranty is considered a serious violation in an insurance contract, and the insurer may have the right to cancel the contract or refuse to pay a claim based on the breach.

NEW QUESTION # 88
Which of the following best defines an insurance contract?

A. A contract in which one party agrees to indemnify another against specified risks in exchange for premiums.
B. A contract where the insurer assumes no liability.
C. A contract that only applies to personal property insurance.
D. A contract for the protection of physical property only.

Answer: A

Explanation:
An insurance contract is an agreement where one party (the insurer) agrees to compensate another (the policyholder) for financial losses arising from specific risks, in exchange for regular payments (premiums).

NEW QUESTION # 89
Two liability policies with different insurers cover the same loss of £15,000,000. The limit of liability is
£10,000,000 under policy X and £20,000,000 under policy Y. Neither policy has a non-contribution clause.
What amount will policy Y contribute towards the claim payment?

A. £10,000,000
B. £9,000,000
C. £7,500,000
D. £5,000,000

Answer: B

NEW QUESTION # 90
Which of the following statements is true regarding exclusions in an insurance policy?

A. Exclusions limit the scope of coverage, specifying situations that are not covered
B. Exclusions are always inapplicable if the insured pays extra for coverage
C. Exclusions apply only if the loss is caused by fraud
D. Exclusions are added to increase the risk of the insurer

Answer: A

Explanation:
Explanation:Exclusionsare provisions in an insurance policy that specify certain events or situations that are not coveredby the policy, even if a loss occurs. For example, war or terrorism may be excluded from certain policies. These exclusions help the insurer manage risk.

NEW QUESTION # 91
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CII Insurance law (IL) Exam Sample Questions (Q86-Q91):

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