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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Law of Agency | 10% | - Authority, rights and duties - Creation and types of agency - Application to insurance intermediaries |
| Topic 2: Law of Contract | 15% | - Breach and remedies - Essentials of a valid contract - Terms, conditions and representations |
| Topic 3: Formation of Insurance Contracts | 15% | - Offer, acceptance and consideration - Insurable interest - Utmost good faith and disclosure |
| Topic 4: Claims and Indemnity Principles | 15% | - Measure of indemnity - Notification and proof of loss - Subrogation and contribution |
| Topic 5: Nature and Sources of English Law | 15% | - Legal personality and capacity - Legal system and structure - Sources of law: statute, common law, EU influence |
| Topic 6: Law of Torts | 15% | - Other torts: trespass, nuisance, breach of statutory duty - Principles of negligence - Application to liability insurance |
| Topic 7: Interpretation and Vitiation of Insurance Contracts | 15% | - Factors vitiating the contract - Warranties, conditions and exceptions - Rules of construction |
What is the maximum contingency fee percentage under a damages-based agreement that can be charged by a solicitor for personal injury cases and employment tribunal cases respectively?
Correct Answer: B 🗳️
For this question more than 1 option is correct. You must select all the correct options to gain the mark. How may double insurance arise?
Correct Answer: A,B 🗳️
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
Correct Answer: D 🗳️
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?
Correct Answer: C 🗳️
Insurance agencies are usually created by way of
Correct Answer: A 🗳️
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