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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| UK Regulatory Framework | 12% | - Role of PRA and FCA - Authorisation and supervision - ICOBS rules and conduct standards - Insurance Distribution Directive (IDD) |
| Contract and Agency Law | 9% | - Application to insurance contracts - Essentials of a valid contract - Law of agency and authority |
| Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Risk and Insurance | 10% | - Risk management and control methods - Concepts of risk and types of risk - Features of insurable risk |
| Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) |
| Nature and Structure of Insurance | 14% | - Market structures and distribution channels - Participants in the insurance market - Classification of insurance business - Purpose and benefits of insurance |
| Principle of Utmost Good Faith | 11% | - Remedies for breach of duty - Insurance Act 2015 provisions - Duty of disclosure and representation |
| Principle of Indemnity | 7% | - Meaning and purpose of indemnity - Average clause application - Exceptions to indemnity - Methods of providing indemnity |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Principle of Insurable Interest | 5% | - Application in different insurance types - Definition and legal basis - When insurable interest must exist |
| Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. Reinsurance is usually purchased by the
A) insured.
B) insurer.
C) intermediary.
D) regulator.
2. What is the current rate of Insurance Premium Tax for a motor insurance policy?
A) 20%
B) 9.5%
C) 10%
D) 12%
3. The accident record for a printworks show that for every one major injury, there have been 30 minor incidents and 900 non-injury events reported. How would major work injuries be classified in relation to frequency and severity?
A) High frequency, high severity.
B) Low frequency, high severity.
C) High frequency, low severity.
D) Low frequency, low severity.
4. 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) Prudential Regulation Authority.
B) Financial Ombudsman Service.
C) Competition and Markets Authority.
D) Advertising Standards Authority.
5. If the amount to be paid in the event of a total loss of insured property is agreed between the proposer and the insurer at inception of the policy, this is a modification of the principle of
A) contribution.
B) subrogation.
C) good faith.
D) indemnity.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: D |
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