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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: UK Regulatory Framework | 12% | - Role of PRA and FCA - ICOBS rules and conduct standards - Insurance Distribution Directive (IDD) - Authorisation and supervision |
| Topic 2: Nature and Structure of Insurance | 14% | - Market structures and distribution channels - Purpose and benefits of insurance - Classification of insurance business - Participants in the insurance market |
| Topic 3: Principle of Indemnity | 7% | - Methods of providing indemnity - Exceptions to indemnity - Meaning and purpose of indemnity - Average clause application |
| Topic 4: Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Topic 5: Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Topic 6: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Topic 7: Principle of Insurable Interest | 5% | - Definition and legal basis - Application in different insurance types - When insurable interest must exist |
| Topic 8: Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Topic 9: Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Remedies for breach of duty - Insurance Act 2015 provisions |
| Topic 10: Risk and Insurance | 10% | - Concepts of risk and types of risk - Features of insurable risk - Risk management and control methods |
| Topic 11: Consumer Protection and Dispute Resolution | 8% | - Consumer Insurance (Disclosure and Representations) Act 2012 - Complaints handling procedures - Financial Ombudsman Service (FOS) - Financial Services Compensation Scheme (FSCS) |
| Topic 12: Contract and Agency Law | 9% | - Law of agency and authority - Application to insurance contracts - Essentials of a valid contract |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
The purpose of Insurance Premium Tax is to
- A. reimburse for claims of insolvent insurers
- B. fund the Association of British Insurers.
- C. pay for flood defences.
- D. raise revenue for the Government.
Correct Answer: D 🗳️
The website of an insurer must include the company's registered name, trading address, contact details and regulator. This is in accordance with rules enforced by the
- A. Advertising Standards Authority.
- B. Financial Ombudsman Service.
- C. Competition and Markets Authority.
- D. Prudential Regulation Authority.
Correct Answer: B 🗳️
For which professional is professional indemnity insurance compulsory by statute?
- A. A chartered surveyor. .
- B. A loss adjuster,
- C. A solicitor.
- D. A loss assessor.
Correct Answer: C 🗳️
An owner of a building reduces its sum insured from £1,000.000 lo £500.000 to save premiums. A Tire causes
£300,000 damage to the building. If the building has a reinstatement value of £750,000 and average is applied, how much will the insured receive in settlement?
- A. £500.000
- B. £200.000
- C. £150.000
- D. £300.000
Correct Answer: B 🗳️
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?
- A. At the date of the next premium payment.
- B. Immediately, but only if the diagnosis is terminal.
- C. Immediately, irrespective of prognosis.
- D. He does not need to disclose this.
Correct Answer: D 🗳️
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