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CII IF1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Principle of Utmost Good Faith | 11% | - Duty of disclosure and representation - Remedies for breach of duty - Insurance Act 2015 provisions |
| 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 |
| UK Regulatory Framework | 12% | - ICOBS rules and conduct standards - Authorisation and supervision - Insurance Distribution Directive (IDD) - Role of PRA and FCA |
| Proximate Cause | 2% | - Definition and identification - Application to claims settlement |
| Contribution and Subrogation | 6% | - Right of contribution between insurers - Right of subrogation and its limits |
| Risk and Insurance | 10% | - Concepts of risk and types of risk - Risk management and control methods - Features of insurable risk |
| Principle of Indemnity | 7% | - Meaning and purpose of indemnity - Average clause application - Exceptions to indemnity - Methods of providing indemnity |
| Compulsory Insurance and Legislation | 3% | - Key relevant statutes - Statutory requirements for compulsory insurance |
| Contract and Agency Law | 9% | - Law of agency and authority - Essentials of a valid contract - Application to insurance contracts |
| Consumer Protection and Dispute Resolution | 8% | - Consumer Insurance (Disclosure and Representations) Act 2012 - Financial Ombudsman Service (FOS) - Financial Services Compensation Scheme (FSCS) - Complaints handling procedures |
| Ethics and Professional Standards | 3% | - Application to insurance scenarios - CII Code of Ethics |
| Principle of Insurable Interest | 5% | - Definition and legal basis - When insurable interest must exist - Application in different insurance types |
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. Sara searches on a comparison website for car insurance. She selects the cheapest quotation and pays by credit card for immediate cover. This is known as
A) an offer.
B) unconditional acceptance.
C) a Terms of Business Agreement.
D) conditional acceptance.
2. In order for a contract to be legally enforceable, what further action is required after offer and acceptance?
A) Delivery of goods or services concerned.
B) Witnessing by a third party.
C) Provision of written terms and conditions.
D) Exchange of consideration between the two parties.
3. If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?
A) The full year's premium.
B) A pro rata amount.
C) None of the premium.
D) The full year's premium less a fixed nominal charge.
4. Who is represented by a loss assessor?
A) A claims handler.
B) A policyholder.
C) An underwriter.
D) A broker.
5. A retail customer CANNOT buy insurance directly from which type of insurer?
A) A mutual insurer.
B) A composite insurer.
C) A captive insurer.
D) A direct insurer.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: C |
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