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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Consumer Protection and Dispute Resolution | 8% | - Financial Services Compensation Scheme (FSCS) - Financial Ombudsman Service (FOS) - Complaints handling procedures - Consumer Insurance (Disclosure and Representations) Act 2012 |
| Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Principle of Insurable Interest | 5% | - When insurable interest must exist - Definition and legal basis - Application in different insurance types |
| UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - ICOBS rules and conduct standards - Authorisation and supervision - Role of PRA and FCA |
| Nature and Structure of Insurance | 14% | - Participants in the insurance market - Market structures and distribution channels - Purpose and benefits of insurance - Classification of insurance business |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Principle of Indemnity | 7% | - Methods of providing indemnity - Meaning and purpose of indemnity - Exceptions to indemnity - Average clause application |
| Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Remedies for breach of duty - Insurance Act 2015 provisions |
| Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Risk and Insurance | 10% | - Features of insurable risk - Risk management and control methods - Concepts of risk and types of risk |
| Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
Question #1
Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?
A. Each coinsurer for its own proportion, but also a share of any proportion unpaid due to the default of another coinsurer.
B. The lead insurer.
C. The intermediary.
D. Each coinsurer for its own proportion only.
Question #2
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. an indemnity policy.
B. a real statement.
C. a first loss policy.
D. a new for old policy.
Question #3
A firm of insurance brokers holds client records on an index card system and does NOT intend to computerise this information. In what circumstances, if any, will these records be covered by the Data Protection Act 2018?
A. Only if the records include details of race.
B. In no circumstances.
C. In all circumstances.
D. Only if the records include dates of birth.
Question #4
Reinsurance is usually purchased by the
A. insurer.
B. regulator.
C. intermediary.
D. insured.
Question #5
How does insurable interest arise, if at all. when an insurer arranges reinsurance?
A. Insurable interest does not arise.
B. Insurable interest is created by statute.
C. The insurer is considered to have insurable interest by virtue of its liability to pay claims.
D. The policyholder is considered to have assigned the insurable interest to the insurer.
Solutions:
| Question #1 Answer: D | Question #2 Answer: C | Question #3 Answer: C | Question #4 Answer: A | Question #5 Answer: C |
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