Free CII E05 Exam Dumps Questions & Answers

For this question more than 1 option is correct. You must select ail the correct options to gain the mark.
In what circumstances does the Fires Prevention (Metropolis) Act 1774 require insurance companies to ensure that claims monies are used to rebuild or reinstate buildings destroyed or damaged by fire?

• A.Where the building was destroyed by an explosion.
• B.Where there is underinsurance.
• C.When fraud or arson by the insured is suspected.
• D.Upon the request of any person(s) interested in the buildings.

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 actual total loss of the vessel.
• D.The constructive total loss of the vessel.

At what stage is insurable interest required for a marine cargo insurance policy?

• A.Throughout the duration of the contract.
• B.At the time of the loss only.
• C.At both inception of the policy and at the time of the loss.
• D.At inception of the policy only.

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

• A.To reduce physical hazard and to discourage wagering.
• B.To reduce physical hazard and to discourage profiteering.
• C.To reduce moral hazard and to discourage wagering.
• D.To reduce moral hazard and to discourage profiteering.

Ambiguous terms in a household insurance contract are generally construed against the

• A.policyholder due to the literal rule.
• B.policyholder due to the noscitur a sociis rule.
• C.insurer due to the contra proferentem rule.
• D.insurer due to the ejusdem generis rule.