Online Access Free CII.M05.v2025-03-22.q41 Practice Test (Page 5)

Which of the following is NOT an exclusion under a typical homeowners insurance policy?

A.Earthquake damage

B.Fire damage caused by lightning

C.Theft by a family member

D.Flood damage

What are the main objectives of the principle of insurable interest?

A.To reduce physical hazard and to discourage wagering.

B.To reduce moral hazard and to discourage profiteering.

C.To reduce physical hazard and to discourage profiteering.

D.To reduce moral hazard and to discourage wagering.

Which of the following is true regarding the insurable interest in life insurance?

A.The policyholder must have a financial interest in the life of the person insured

B.The policyholder must have a financial interest in the property of the person insured

C.Insurable interest is required only at the time the policy is issued

D.Insurable interest is not required for life insurance policies

What is the legal effect of a warranty in an insurance contract?

A.A warranty is a condition precedent to liability.

B.A warranty allows the insurer to increase premiums.

C.A warranty makes the contract voidable by the insured.

D.A warranty must be fulfilled by the insurer.

Under the provisions of the Contracts (Rights of Third Parties) Act 1999, the right to enforce a contractual term arises if a third party.

A.appoints an agent to carry out the contract provisions.

B.is one of a general class of persons identified in the contract as benefitting from the contract.

C.is the agent who arranged the contract.

D.proves that the parties to the contract intended to limit his rights.

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