2022 Latest 100% Exam Passing Ratio - E05 Dumps PDF
Pass Exam With Full Sureness - E05 Dumps with 52 Questions
NEW QUESTION 16
The branch of law particularly relevant when handling negligence claims is
- A. civil law.
- B. administrative.
- C. constitutional law.
- D. public law.
Answer: A
NEW QUESTION 17
In what circumstances is abandonment automatic under a marine hull insurance policy?
- A. The insured has sent a formal notice of abandonment.
- B. The insured has performed an action of abandonment.
- C. The constructive total loss of the vessel.
- D. The actual total loss of the vessel.
Answer: D
NEW QUESTION 18
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?
- A. The insurer at all times.
- B. No one as Tim is not a party to the insurance contract.
- C. Both the insurer and Paul at different times.
- D. Paul as it is a consumer contract.
Answer: A
NEW QUESTION 19
Who is entitled to the surplus if a subrogation recovery from a negligent third party is greater than the amount the insurer has paid to the insured?
- A. The insurer only.
- B. It is shared between the insurer and the insured.
- C. The State
- D. The insured only.
Answer: D
NEW QUESTION 20
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
- A. the premium was paid by monthly installments.
- B. the misrepresentation was innocent.
- C. no claim had been submitted or paid.
- D. the misrepresentation was fraudulent.
Answer: B
NEW QUESTION 21
Why may an insurer insert a continuing warranty into an insurance policy?
- A. To ensure that underinsurance is avoided at all times.
- B. To maintain the annual aggregate limit of liability throughout the policy period.
- C. To encourage good risk management by the insured throughout the policy period.
- D. To enable an insurer to charge an additional premium if the warranty is continually breached.
Answer: C
NEW QUESTION 22
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 23
In terms of private motor insurance, a renewal offer can be accepted
- A. only by written communication.
- B. by the proposer acting in reliance of the offer.
- C. by any third party.
- D. only by the proposer personally.
Answer: B
NEW QUESTION 24
A person insures her own life under a life insurance policy but does so expressly for the benefit of another. To facilitate this, which type of arrangement is most commonly established?
- A. Coinsurance.
- B. Lien.
- C. Trust.
- D. Power of Attorney.
Answer: C
NEW QUESTION 25
For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the characteristics of a corporation aggregate?
- A. It is an organisation with a separate legal existence to its membership.
- B. It is not treated as a separate legal entity.
- C. It is answerable to its shareholders or members.
- D. It is a legal person representing one official position.
Answer: A,C
NEW QUESTION 26
For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the characteristics of an express term in reaching or recording an agreement?
- A. It will usually override any implied term which conflicts with it.
- B. It may be oral or in writing.
- C. It must be evidenced in documentary form.
- D. It may be implied by conduct.
Answer: A,B
NEW QUESTION 27
A breach of warranty under the general law of contract legally entitles an injured party to
- A. claim damages.
- B. obtain specific performance.
- C. avoid the contract ab initio.
- D. avoid the contract from the date of the breach.
Answer: A
NEW QUESTION 28
Bill owned a painting which was insured under a policy containing a first refusal clause. The painting was stolen and Bill's claim was settled, but several months later the painting was recovered by the police. As a consequence, what is Bill's position under his insurance policy?
- A. Bill must return the claim settlement in exchange for the painting.
- B. Bill may exercise an option to buy the painting back.
- C. Bill must buy the painting back.
- D. Bill may keep the claim settlement and also keep the painting.
Answer: B
NEW QUESTION 29
A claimant may possibly recover money transferred under an illegal contract when
- A. the illegality makes the contract voidable rather than void.
- B. the contract is against public policy but not substantive law.
- C. both parties to the contract are equal in wrongdoing.
- D. the legal portion of the contract can be severed from the illega portion.
Answer: C
NEW QUESTION 30
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. a condition subsequent to liability.
- B. tort.
- C. statute.
- D. a condition precedent to liability.
Answer: C
NEW QUESTION 31
According to statute law, an unfair term in a consumer insurance contract is defined as one which
- A. has been individually negotiated and is to the detriment of either one of the parties.
- B. does not restrict liability for death or personal injury.
- C. causes a significant imbalance in the parties' rights to the detriment of the consumer.
- D. provides insurance where the scope of cover is narrow compared to the premium charged.
Answer: C
NEW QUESTION 32
Insurance agencies are usually created by way of
- A. implied agreement.
- B. deed of agreement.
- C. express agreement.
- D. unilateral agreement.
Answer: C
NEW QUESTION 33
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. Make an ex-gratia payment.
- B. Avoid the policy ab initio.
- C. Reject the claim for breach of warranty.
- D. Pay the claim in full.
Answer: D
NEW QUESTION 34
What is the intended purpose of a subrogation waiver clause in an insurance po
- A. The insured has a duty to ensure that the insurer's subrogation rights are maintained.
- B. Cover is suspended whilst the insurer pursues an action for subrogation.
- C. The insurer's subrogation rights will not be exercised against certain parties associated with the insured.
- D. The doctrine of subrogation is excluded from the policy.
Answer: C
NEW QUESTION 35
How can an agency relationship be best described?
- A. A person, who has paid another party under a contract, has the right to stand in the place of that other party and avail himself of the rights and remedies of that party.
- B. A person has ratified another party's action.
- C. A person has the authority to act on behalf of another party.
- D. A person has transferred his obligations under a contract to another party.
Answer: C
NEW QUESTION 36
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