CII London Market (LM2) – Insurance Principles and Practices Practice Test 2026 - Free Insurance Exam Practice Questions and Study Guide

An insurance quotation remains valid for a reasonable time when no specific timescale is provided by the insurer. This principle allows for some flexibility and acknowledges that while insurers may establish certain commercial practices, there is no fixed period set in stone unless explicitly stated.

A "reasonable time" is subjective and can vary depending on the context, industry norms, and the type of insurance coverage involved. It ensures that the insurer is giving the client sufficient time to consider the quote while also recognizing that market conditions may change, which could necessitate revisions to the terms offered.

Other options present fixed timeframes or conditions that might not align with the general practice of the insurance industry or legal implications concerning quotations. Hence, the most accurate answer reflects the understanding that in the absence of a specific duration, the validity of a quote should be interpreted within the flexibility of what is deemed a reasonable timeframe.