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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Compulsory Insurance and Legislation | 3% | - Statutory requirements for compulsory insurance - Key relevant statutes |
| Topic 2: UK Regulatory Framework | 12% | - Authorisation and supervision - Role of PRA and FCA - ICOBS rules and conduct standards - Insurance Distribution Directive (IDD) |
| Topic 3: Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Topic 4: Principle of Indemnity | 7% | - Exceptions to indemnity - Average clause application - Meaning and purpose of indemnity - Methods of providing indemnity |
| Topic 5: Risk and Insurance | 10% | - Risk management and control methods - Features of insurable risk - Concepts of risk and types of risk |
| Topic 6: Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Duty of disclosure and representation - Remedies for breach of duty |
| Topic 7: Principle of Insurable Interest | 5% | - Definition and legal basis - Application in different insurance types - When insurable interest must exist |
| Topic 8: Nature and Structure of Insurance | 14% | - Market structures and distribution channels - Purpose and benefits of insurance - Participants in the insurance market - Classification of insurance business |
| Topic 9: Consumer Protection and Dispute Resolution | 8% | - Financial Services Compensation Scheme (FSCS) - Complaints handling procedures - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) |
| Topic 10: Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Topic 11: Contract and Agency Law | 9% | - Application to insurance contracts - Essentials of a valid contract - Law of agency and authority |
| Topic 12: Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. What is the principal reason for which a proposer is asked by the insurer whether his car will be driven by anyone else?
A) To enable a discount to be applied.
B) To enable a loading to be applied.
C) To establish whether insurable interest exists.
D) It is a material circumstance.
2. What type of reduction is sometimes applied to the replacement cost of an item under an insurance policy claim in order to reflect the application of indemnity?
A) Wear and tear.
B) Loss of interest.
C) Brokerage.
D) An excess.
3. What is the legal standing of the Charioted Insurance Institute's Code of Ethics?
A) It has full stand-alone legal recognition.
B) It has full force of Jaw except where overridden by pre-existing Acts.
C) It is to be applied in conjunction with existing Acts.
D) It does not have the force of law.
4. What is the current rate of Insurance Premium Tax for a motor insurance policy?
A) 20%
B) 10%
C) 12%
D) 9.5%
5. Which principle of insurance prevents a member of the public from taking out an insurance policy on the life of a celebrity in the hope of receiving a windfall on the celebrity's death?
A) Good faith.
B) Insurable interest.
C) Indemnity.
D) Proximate cause.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: B |
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