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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Principle of Indemnity | 7% | - Average clause application - Methods of providing indemnity - Exceptions to indemnity - Meaning and purpose of indemnity |
| Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Contract and Agency Law | 9% | - Application to insurance contracts - Essentials of a valid contract - Law of agency and authority |
| Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Risk and Insurance | 10% | - Concepts of risk and types of risk - Features of insurable risk - Risk management and control methods |
| Consumer Protection and Dispute Resolution | 8% | - Financial Ombudsman Service (FOS) - Complaints handling procedures - Financial Services Compensation Scheme (FSCS) - Consumer Insurance (Disclosure and Representations) Act 2012 |
| UK Regulatory Framework | 12% | - Authorisation and supervision - Insurance Distribution Directive (IDD) - Role of PRA and FCA - ICOBS rules and conduct standards |
| Principle of Insurable Interest | 5% | - Application in different insurance types - Definition and legal basis - When insurable interest must exist |
| Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Insurance Act 2015 provisions - Remedies for breach of duty |
| Nature and Structure of Insurance | 14% | - Purpose and benefits of insurance - Participants in the insurance market - Classification of insurance business - Market structures and distribution channels |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
A) There is no intermediary to provide assistance.
B) The policy excess is higher.
C) A courtesy car is not available.
D) The risk of losing a no claims discount is greater.
2. What is the current rate of Insurance Premium Tax for a motor insurance policy?
A) 9.5%
B) 12%
C) 20%
D) 10%
3. What are the other key components of risk apart from uncertainty?
A) Financial losses and speculation.
B) The level of risk, peril and hazard.
C) Low severity losses and low frequency losses.
D) Financial losses.
4. John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of
£20,000. Both policies have identical terms and conditions. What is insurer A's liability if a valid claim of
£3,000 is subsequently made?
A) £1,500
B) £1,000
C) £2,000
D) £3,000
5. If a firm is said to be risk averse, this means that it
A) tenders its insurance needs to the market.
B) undertakes its own risk management research.
C) arranges insurance protection wherever possible.
D) carries its own risk wherever possible.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: D |
