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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Principle of Utmost Good Faith | 11% | - Insurance Act 2015 provisions - Duty of disclosure and representation - Remedies for breach of duty |
| UK Regulatory Framework | 12% | - Insurance Distribution Directive (IDD) - Role of PRA and FCA - Authorisation and supervision - ICOBS rules and conduct standards |
| Nature and Structure of Insurance | 14% | - Purpose and benefits of insurance - Participants in the insurance market - Market structures and distribution channels - Classification of insurance business |
| Ethics and Professional Standards | 3% | - CII Code of Ethics - Application to insurance scenarios |
| Principle of Insurable Interest | 5% | - Application in different insurance types - When insurable interest must exist - Definition and legal basis |
| 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% | - Financial Ombudsman Service (FOS) - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Services Compensation Scheme (FSCS) - Complaints handling procedures |
| Proximate Cause | 2% | - Application to claims settlement - Definition and identification |
| Contribution and Subrogation | 6% | - Right of subrogation and its limits - Right of contribution between insurers |
| Contract and Agency Law | 9% | - Essentials of a valid contract - Application to insurance contracts - Law of agency and authority |
| Principle of Indemnity | 7% | - Average clause application - Meaning and purpose of indemnity - Methods of providing indemnity - Exceptions to indemnity |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
A risk control survey shows that premises proposed for insurance are in close proximity to a river with a history of flooding. The underwriter will consider this fact to be a
- A. moral hazard.
- B. pure risk.
- C. fundamental risk.
- D. physical hazard.
Correct Answer: D 🗳️
A loss adjuster normally acts on behalf of the
- A. insured.
- B. insurer.
- C. Financial Services Compensation Scheme.
- D. Financial Ombudsman Service.
Correct Answer: B 🗳️
Reinsurance is usually purchased by the
- A. regulator.
- B. intermediary.
- C. insured.
- D. insurer.
Correct Answer: D 🗳️
Why is effective risk management important to an insurer?
- A. It always reduces costs.
- B. It increases premium income.
- C. It increases the insurer's capacity.
- D. It helps to reduce a company's loss exposure.
Correct Answer: D 🗳️
The Principles for Business slate that all customers should be treated
- A. equally.
- B. with due respect.
- C. fairly.
- D. to a minimum standard.
Correct Answer: C 🗳️
