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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Topic 2: Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Remedies for breach of duty - Insurance Act 2015 provisions |
| Topic 3: UK Regulatory Framework | 12% | - ICOBS rules and conduct standards - Authorisation and supervision - Role of PRA and FCA - Insurance Distribution Directive (IDD) |
| Topic 4: Nature and Structure of Insurance | 14% | - Classification of insurance business - Purpose and benefits of insurance - Market structures and distribution channels - Participants in the insurance market |
| Topic 5: Risk and Insurance | 10% | - Concepts of risk and types of risk - Risk management and control methods - Features of insurable risk |
| Topic 6: Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Topic 7: Principle of Indemnity | 7% | - Methods of providing indemnity - Meaning and purpose of indemnity - Exceptions to indemnity - Average clause application |
| Topic 8: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Topic 9: Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Topic 10: Principle of Insurable Interest | 5% | - Definition and legal basis - When insurable interest must exist - Application in different insurance types |
| Topic 11: Contract and Agency Law | 9% | - Law of agency and authority - Essentials of a valid contract - Application to insurance contracts |
| Topic 12: Consumer Protection and Dispute Resolution | 8% | - Financial Ombudsman Service (FOS) - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 - Complaints handling procedures |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. An intermediary needs to place a large properly risk, however the insurance company can only write 25% of the risk. What type of insurance arrangement would the intermediary require to complete the risk?
A) Self-insurance.
B) Reinsurance.
C) Dual insurance.
D) Coinsurance.
2. Peter currently has no penalty points on his driving licence, although he was convicted of a minor motoring offence eight years ago. Why does Peter NOT need to disclose this to his motor insurer?
A) It represents a moral hazard.
B) It is information that would not influence an underwriter.
C) It represents a physical hazard.
D) It is a spent conviction.
3. When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as
A) a real statement.
B) a new for old policy.
C) an indemnity policy.
D) a first loss policy.
4. When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
A) The risk of losing a no claims discount is greater.
B) The policy excess is higher.
C) A courtesy car is not available.
D) There is no intermediary to provide assistance.
5. What is the basis of settlement under a new for old insurance policy if a television is stolen?
A) The replacement cost, less wear and tear.
B) The original cost in full.
C) The original cost, less wear and tear.
D) The replacement cost in full.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |
