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Exam Code: M05
Exam Name: Insurance law (IL) Exam
Updated: Sep 10, 2026
Q & A: 121 Questions and Answers
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| Section | Objectives |
|---|---|
| Topic 1: Law of Torts | - Principles of tort law
|
| Topic 2: Formation of Insurance Contracts | - Core insurance principles
|
| Topic 3: Law of Agency and Insurance | - Agency relationships
|
| Topic 4: Nature and Sources of English Law and Legal Persons | - Nature and sources of English law
|
| Topic 5: Indemnity and Loss Measurement | - Principle of indemnity
|
| Topic 6: Insurance Contract Terms and Vitiating Factors | - Factors affecting validity
|
| Topic 7: Subrogation and Contribution | - Recovery rights and sharing of losses
|
| Topic 8: Insurance Claims | - Claims process and legal principles
|
| Topic 9: Law of Contract | - Contract formation and operation
|
Under insurance law, what is the effect of a fraudulent claim on an insurance policy?
Correct Answer: C 🗳️
John has a whole of life policy and has recently been diagnosed with cancer. When, if at all. must he disclose this to his insurer?
Correct Answer: B 🗳️
A professional indemnity policy includes a condition requiring that the insured must give prompt notice of any circumstance that could give rise to a claim. What type of condition is this?
Correct Answer: A 🗳️
Which of the following statements is true regarding exclusions in an insurance policy?
Correct Answer: A 🗳️
Explanation: Only visible for ITexamReview members. You can sign-up / login (it's free).
A manufacturer was under contract to pay a supplier El .000 on receipt of the delivery of raw materials.
However, the supplier failed to deliver and the manufacturer had to purchase identical materials from another supplier for £1,200. What amount of damages is the manufacturer legally entitled to claim from the supplier who failed to deliver?
Correct Answer: A 🗳️
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