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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principle of Insurable Interest | 5% | - Application in different insurance types - Definition and legal basis - When insurable interest must exist |
| Topic 2: Principle of Utmost Good Faith | 11% | - Remedies for breach of duty - Duty of disclosure and representation - Insurance Act 2015 provisions |
| Topic 3: UK Regulatory Framework | 12% | - Authorisation and supervision - ICOBS rules and conduct standards - Role of PRA and FCA - Insurance Distribution Directive (IDD) |
| Topic 4: Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Topic 5: Risk and Insurance | 10% | - Risk management and control methods - Features of insurable risk - Concepts of risk and types of risk |
| Topic 6: Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Topic 7: Consumer Protection and Dispute Resolution | 8% | - Complaints handling procedures - Financial Ombudsman Service (FOS) - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 |
| Topic 8: Principle of Indemnity | 7% | - Exceptions to indemnity - Methods of providing indemnity - Average clause application - Meaning and purpose of indemnity |
| Topic 9: Contract and Agency Law | 9% | - Law of agency and authority - Essentials of a valid contract - Application to insurance contracts |
| Topic 10: Nature and Structure of Insurance | 14% | - Participants in the insurance market - Classification of insurance business - Purpose and benefits of insurance - Market structures and distribution channels |
| Topic 11: Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Topic 12: Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. The Financial Services Compensation Scheme was established to help policyholders in the event of
A) fraud perpetrated by an insurance broker.
B) the financial failure of an insurance company.
C) the repudiation of liability by an insurer.
D) unreasonable policy terms and conditions.
2. What is the basis of settlement under a new for old insurance policy if a television is stolen?
A) The replacement cost in full.
B) The original cost, less wear and tear.
C) The original cost in full.
D) The replacement cost, less wear and tear.
3. Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?
A) Each coinsurer for its own proportion only.
B) The intermediary.
C) Each coinsurer for its own proportion, but also a share of any proportion unpaid due to the default of another coinsurer.
D) The lead insurer.
4. How would an insurer's portfolio of motor claims be shown in terms of frequency and severity?
A) High frequency, high seventy.
B) Low frequency, high seventy.
C) High frequency, low severity.
D) Low frequency, low seventy.
5. From April 2019. a small company with nine employees is in dispute with its insurer and wishes to refer the matter to the Financial Ombudsman Service (FOS). The FOS is only permitted lo deal with the dispute if the insured's turnover does NOT exceed
A) £3,500,000
B) £1,000,000
C) £6,500,000
D) £6,000,000
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: B |
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