IBABC Fundamentals of Insurance Practice Exam 2025 – The Comprehensive All-in-One Guide to Exam Success!

Question: 1 / 400

Which statement about Statute Law is false?

Statute Law is written and enacted by legislative bodies

Statute Law supersedes Common Law when in conflict

Statute Law is based on a precedent

Statute Law is established through written legislation passed by legislative bodies, making it distinct from Common Law, which is developed through judicial decisions and precedents set in court cases. The statement regarding Statute Law being based on precedent is inaccurate because it is fundamentally grounded in formal legislative processes rather than judicial rulings.

Statute Law, when it conflicts with Common Law, generally takes precedence, ensuring that written laws govern where there may be ambiguity or conflicting interpretations in the judicial system. Furthermore, Statute Law is not static; it can be amended or repealed by the legislative body that enacted it, allowing for changes in response to societal needs or legal perspectives. This adaptability is a critical characteristic of Statute Law that sets it apart from the more rigid framework of Common Law.

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Statute Law can be amended or repealed by the legislature

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